🏦 “Mergers & Athletes” — Goldman’s sports agency. Burberry’s british pivot. Sonder’s hotel drama. +RIP Penny

Summary

Podcast Summary: The Best One Yet

Episode: 🏦 “Mergers & Athletes” — Goldman’s sports agency. Burberry’s british pivot. Sonder’s hotel drama. +RIP Penny

Date: November 14, 2025
Hosts: Jack Crivici-Kramer & Nick Martell

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Overview

This episode of The Best One Yet dives into the three big business stories of the day with a mix of analysis, banter, and memorable pop-culture references. Jack and Nick open by honoring the end of the American penny, then cover:

1. Goldman Sachs’ surprising sports agency acquisition and shift in strategy
2. Burberry’s major turnaround by full embracing its Britishness
3. Sonder’s dramatic collapse, leaving guests evicted overnight

The hosts also sprinkle in quick takes on Blue Origin’s rocket, Steph Curry’s sneaker “free agency,” and the surprising popularity of orange iPhones. All stories are delivered in their signature playful, fast-paced style—the perfect blend for a quick, insightful business update.

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Main Stories & Insights

1. Farewell to the Penny

(00:26 - 03:37)

• A ceremonial goodbye is offered for the American penny, which was officially discontinued after 232 years.
• The penny is remembered for its outsized cultural impact:
  • “The American penny is survived by its cousins, the quarter, the dime and the nickel. And the penny will always be remembered by wishing wells nationwide” – Jack (01:36)
• Fun historic tidbits:
  • The first penny minted in 1793 bore Lady Liberty, later changed to Abraham Lincoln in 1909.
  • “It costs four pennies to make a penny.” – Nick (01:57)
  • 250 billion pennies remain legal tender in circulation.
• The last penny was minted in Philadelphia and is up for auction.

Memorable Moment:

“The penny spent its life getting stepped on, passed over, rounded up, or used as a makeshift flathead screwdriver. The most relatable coin of them all.”
— Jack (03:24)

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2. Goldman Sachs’ Unlikely Expansion

(06:27 - 10:29)

Goldman’s Recent Moves

• Goldman Sachs just acquired Excel Sports Management (Tiger Woods’ agency) for $1 billion.
• Scored the biggest investment banking fee ever: $110 million from advising Electronic Arts in a record $55B deal.
• Bought a venture capital firm with $7B in investments; invested in Skims.
• Promoted 638 bankers to managing director.

Strategic Shifts

• Pivoting away from consumer banking (shut down Marcus and the Apple Card division).
• Refocusing on high-value B2B services—advisory, M&A, venture, and talent management.

Key Insight:

“A tiny percent of a huge number is bigger than a big percent of a small number.”
— Jack (09:05)

• Goldman’s success lies in taking small percentages of massive transactions (e.g., 0.2% of a $1.2T global transaction volume = $5B in advisory fees in 2025).
• Their advisory unit is growing 7x faster than Morgan Stanley.

Memorable Quote:

“Goldman dipped their toe in the business of regular people and kind of hated how the water felt.”
— Jack (08:22)

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3. Burberry’s British Pivot (Brivet) Brings a Turnaround

(10:29 - 15:12)

Background & Struggles

• Burberry, 169-year-old British brand, had lost its luster—stock fell by half from 2023 to 2025.
• Others in UK luxury (Jaguar, Victoria Beckham) were also struggling.

The Brivet: Leaning In to Britishness

• New CEO, 1700 layoffs, creative overhaul.
• “Brivet” (“British Pivot”): Focused on the most British aspect—rain.
• Fewer handbags, more iconic trench coats and rain jackets:
  • “Burberry is leaning into the worst thing about being British, the weather.” – Jack (11:33)
• History: The trench coat dates to World War I; first designed for British officers.

Branding Renaissance

• Marketing at UK festivals, revival of horse rider logo, Olivia Colman (star of “The Crown”) as top model.
• Embracing what differentiates them from French and Italian luxury fashion.

Key Takeaway:

“Your strategy should be shaken, not stirred.”
— Jack (14:14)
Reference to James Bond; embracing uniqueness as a brand’s core strength.

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4. Sonder’s Sudden Collapse

(17:05 - 21:16)

The Chaos

• On Monday, over 10,000 hotel guests (Boston, etc.) were evicted mid-stay when Sonder shut down—belongings boxed up and left in hallways.
  • “They got back to their hotel and discovered…all of their belongings were boxed up in the hallway.” — Jack (17:54)

Business Model and Downfall

• Founded in 2012 (Montreal): “Airbnb meets WeWork” for branded apartments.
• Scaled fast with $680M in VC money; signed expensive leases for rapid growth.
• Business model: Lease apartments, furnish them, rent them short-term.
• Despite a partnership with Marriott, Sonder filed Chapter 7 bankruptcy (liquidation).
  • “They raised way too much money for a business that was never going to make that much money.” — Jack (20:12)

Key Insight:

“You can’t build a building on a faulty foundation, and you can’t build a business on faulty expectations.”
— Nick (21:05)

• Massive funding led them to chase unsustainable growth, echoing WeWork’s fate.

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Notable Quotes & Memorable Moments

• On the Penny’s Death:
  “But to the penny, this isn’t goodbye. It’s just keep the change.” — Jack (03:32)
• Goldman Sachs on the Move:
  “Goldman’s launching a podcast next. The stock’s at an all time high because a tiny percent of gigantic numbers.” — Nick (21:27)
• Burberry’s Heritage:
  “There’s no such thing as bad weather. There’s just being underdressed.” — Jack (14:04)
• On Sonder’s Debacle:
  “Sonder has 700 employees. And if any of you are listening, we’re wishing you the best. This is sad news to hear.” — Jack (19:59)

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Quick Hits & Other News

(22:01 - 23:19)

• Blue Origin lands a reusable rocket at sea – key to competing with SpaceX.
• Steph Curry parts ways with Under Armour after 13 years; instant sneaker free agent.
• Orange iPhones are a status symbol: 40% of new iPhone 17 Pros are orange.

---

Timestamps for Key Segments

• 00:26 — Goodbye to the penny
• 06:27 — Goldman Sachs news
• 10:29 — Burberry turnaround
• 17:05 — Sonder’s bankruptcy
• 22:01 — Blue Origin and Steph Curry updates
• 22:58 — Orange iPhones trend

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Episode Takeaways

• Goldman Sachs: Returns to its core strength—earning small percentages on massive deals—after experimenting with (and abandoning) consumer banking.
• Burberry: Finds renewed success by doubling down on its British identity and history.
• Sonder: A cautionary tale of chasing hyper-growth with VC money in a business model that didn’t justify the scale.

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Closing Tone

The episode closes with light-hearted banter, quick birthday shoutouts to listeners, the “best fact yet” (Milwaukee is custard capital), and a tease for next week’s special interview with Lyft’s CEO.

Signature blend of breezy analysis, clever analogies, and zippy one-liners makes business news feel relatable, fresh, and fun.

Transcript

[A]

This is Nick, this is Jack.

[B]

It's Friday, The Real Friday, November 14th. And today's pod is the best one yet. This is a T Boy, the top.

[A]

Three pop business news stories you need to know today.

[B]

All right, Jack, it's been one week since the Baby Shark ipo. Do you know how it went?

[A]

Oh, the. What's it called? Pink Fong or something.

[B]

I don't know, but I'm just. I can't get it out of my head. I've been dying to know how the stock's doing.

[A]

You know, I actually did sing Baby Shark with the boys this morning. Again, I don't hate the song because they don't ask for an offer.

[B]

You never stop singing Baby Shark, do you, Jack? You just can't stop. So, Jack, three stories for today's T. Boy, what do we got on the pod?

[A]

For our first story, Goldman Sachs just acquired a sports talent agency and it now owns part of Skims. And it recently received the largest investment banking fee ever.

[B]

Bestie's Goldman stock is at an all time high because it likes tiny little pieces of enormous things.

[A]

For our second story, Burberry, the British fashion icon just rebounded to its best.

[B]

Quarter in years because Burberry's brand is leaning into the woods. Worst part of England, the weather.

[A]

And our third and final story on Monday, 10,000 hotel guests got kicked out of their hotel rooms. Like, you have to leave immediately because.

[B]

Sonder, the Airbnb rival, just shut down. So we'll break down how this thing got shut down.

[A]

But Yetis, before we hit that wonderful mix of stories, I mean, no better.

[B]

Mix to go into a weekend with, no one else is doing that mix.

[A]

A moment of silence, please, for the penny.

[B]

Because besties, the penny died on Wednesday, November 13th in Philadelphia. It was 232 years old.

[A]

The American penny is survived by its cousins, the quarter, the dime and the nickel.

[B]

And the penny will always be remembered by wishing wells nationwide.

[A]

That's the obituary Yetis, because here's the news.

[B]

Yep, President Trump announced it last February. But the very last penny was finally minted this week.

[A]

Because the penny candy doesn't exist anymore.

[B]

No, it doesn't. And the penny itself, yeah, it costs four pennies to make.

[A]

But the penny's cultural impact was far greater than its financial value.

[B]

I mean, Jack, I'm looking at it right now. Penny loafers, Penny Lane penny stocks, JC Penny.

[A]

A penny for your thoughts, please.

[B]

Peter Piper picked a peck of pickled pennies. Jack, the first penny was actually minted back in 1790. Three, the idea of your idol, Alexander Hamilton.

[A]

My idol?

[B]

Yeah. I've never said that, but okay, just run with it. Originally, though, on the penny was Lady Libert.

[A]

But on Abraham Lincoln's 100th birthday, Theodore Roosevelt changed the face on the penny to Abe Lincoln's.

[B]

But, Jack, even though we've killed the penny today, this isn't the first time we've actually killed the penny.

[A]

Get this, there was a half penny coin back in the day, and in 1857, the US stopped making those half cents.

[B]

The penny, sibling, the half cent, it was done.

[A]

But Yetis, we all know what you're asking. What about the 250 billion pennies in circulation? Yes, they're still legal tender.

[B]

Although 711 is pretty annoyed about this situation. No stores really know what to do right now.

[A]

Well, the take a penny, leave a penny jars. People are only taking them, nobody's leaving them.

[B]

Which, of course, leaves the final question. What's happening to the final penny? Jack?

[A]

The very last one, minted in Philadelphia. It's actually being auctioned off to the highest bidder.

[B]

So, Yetis, we gather here today to honor the most unprofitable product in American history.

[A]

The penny will live forever in couch cushions, cup holders, and Coinstar machines nationwide.

[B]

The penny spent its life getting stepped on, passed over, rounded up, or used as a makeshift flathead screwdriver. The most relatable coin of them all.

[A]

But to the penny, this isn't goodbye. It's just keep the change.

[B]

May the penny rest in penny. Jack, let's hit our three stories.

[C]

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.

[A]

Nick.

[C]

That's it. I don't even think they need to practice.

[A]

50%.

[C]

That's a fat tip. T boy city on your at, Liz. If you know, you know. Cause we ready to go. We can't wait no more.

[A]

So just start the show.

[C]

Start the show.

[B]

First, a quick word from our sponsor.

[A]

This show is brought to you by BetterHelp.

[B]

Yetis, you know what time of year it is? It ain't engagement season. It's postponement season.

[A]

Not like postponing your wedding. We're just talking about postponing a social event.

[B]

Yeah, like days getting shorter, air's getting colder, you're taking a rain shift.

[A]

Winter is coming. It's the time of the year that people start to get disconnected from friends.

[B]

Okay, but then when you do finally meet up with your buddy Timmy and your friends. It's exactly what you needed. And you think, why didn't I do this sooner?

[A]

And for us, that's what starting therapy was like.

[B]

That's right. Jack and I are in way better control of our feelings. We know ourselves much better today than we did five years ago in our pre therapy era.

[A]

Well over 5 million people worldwide have chosen BetterHelp to start therapy with over 30,000 therapists on that single platform.

[B]

Jack, you can't postpone those numbers this month.

[A]

Don't wait to reach out. Whether you're checking in on a friend or reaching out to a therapist yourself. BetterHelp makes it easier to take that first step.

[B]

And our listeners, you, you get 10% off your first [e-mail] tbo that's BetterHelp.

[A]

H e l p.com t Boy, I recently got a booking request from somebody who said, I'm a 75 year old professor from Michigan. Me and my academic pals are having a ski trip. I love your place.

[B]

Lovely. So what'd you say back? You write back to the guy?

[A]

I responded that I went to the University of Michigan for two graduate degrees. Nick. It turns out he did too. In fact, we worked in the same econ department when I was a TA there.

[B]

It's a match made in platform history. Man.

[A]

This guy hasn't arrived yet. But I love these personal connections. Connections I've made as a host on Airbnb.

[B]

And Besties. We've told you that your place is probably perfect for someone else to stay at as well.

[A]

We haven't told you about the wonderful human interactions you can have as an Airbnb host like mine with this 75 year old PhD who loves the Michigan Wolverines as much as I do.

[B]

Yeah, it just feels good knowing that while you're making money, someone else is enjoying your place too. And you got a connection.

[A]

Hosting on Airbnb can provide you with another income stream and another source of life satisfaction.

[B]

Whether you're a Wolverine or a Buckeye Besties. No joke, Jack's very satisfied.

[A]

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

[B]

For our first story, Goldman Sachs is all over the news buying everything as its stock hits all time highs, including a sports talent agency.

[A]

The one through line to all this Goldman Sachs news. It's the one bank that regular people like us will never be able to open an account at.

[B]

Now Yetis, we're about to present to you a list of headlines that you would not expect from A Wall street bank.

[A]

But they're all from the last 30 days. And they all come from the most famous Wall street bank, Goldman Sachs.

[B]

Jack, you were a backup. Starting backup. High School vs. Varsity College Football quarterback. Why don't you kick us off with the first headline for Goldman Sachs?

[A]

Goldman Sachs just acquired the majority stake in Excel Sports Management, a talent agency that represents Tiger woods for $1 billion.

[B]

All right. Second, Goldman Sachs got the biggest fee ever from a single merger acquisition deal. $110 million for advising Electronic Arts.

[A]

Third, Goldman acquired a venture capital firm that has $7 billion worth of startup investments.

[B]

Also, Jack, Goldman just promoted 638 bankers to managing director, the financial equivalent of getting knighted.

[A]

Oh, and that skims fundraise we mentioned yesterday on the podcast. Goldman Sachs was the lead investor.

[B]

Of course.

[A]

Yetis, every one of those headlines was about things that Goldman Sachs has entered in the last 30 days.

[B]

Jack, let me just whip out the whiteboard and add this up. Goldman Sachs just entered venture capital, the business of talent agencies, and hired 600 more managing directors to win big time investment banking deals.

[A]

But yetis, for every yen there is a Yang. Goldman has also exited a lot of businesses.

[B]

That's right. In the last 30 months, Goldman has exited their credit card business, which you might remember from the Apple card.

[A]

They also shut down Marcus, their big bet on consumer banking.

[B]

I mean, Jack, looking at the situation here, basically, Goldman dipped their toe in the business of regular people and kind of hated how the water felt.

[A]

Yeah, they're not interested in working with regular people as clients.

[B]

A little too lukewarm. Instead, Goldman is doubling down on businesses that sell stuff to regular people.

[A]

Basically, they went from M and A to ATMs and now back to M and A because of our takeaway.

[B]

Never thought we'd cover Kim Kardashian, the New York jets and Goldman Sachs all in the Same story. While 600 managing directors get on a secret helicopter ride to Bridgehampton.

[A]

Is that what Goldman MDs do?

[B]

Jack? I'm not allowed to talk about it. So, Jack, what's the takeaway for our buddies? If you know, you know, at Goldman.

[A]

Sachs, a tiny percent of a huge number is bigger than a big percent of a small number.

[B]

Yeti's Goldman Sachs stock is at an all time high. 810 bucks a share. It's worth $245 billion. That's 27 lifts.

[A]

Because Goldman's core business is advising corporate clients on enormous transactions.

[B]

Like that video game acquisition we mentioned, Electronic Arts. Goldman got a fee of just 0.2% on that deal.

[A]

But 0.2% of a $55 billion record setting acquisition? I think.

[B]

You know what I'm thinking, Jack?

[A]

That's a $110 million fee for just one deal.

[B]

That's what I was thinking, Jack.

[A]

We complain about our broker fees for an apartment in New York City. This fee was $110 million.

[B]

Now, Yetis, according to Bloomberg, Goldman's bank has worked on about $1.2 trillion of transactions globally so far this year.

[A]

And 0.2% on a trillion. It adds up, baby, to nearly $5 billion in advisory fees so far in 2025.

[B]

Oh, and by the way, that investment bank and advisory unit is growing seven times faster than their rival Morgan Stanley is.

[A]

The closest a regular person can get to Goldman right now is to get blocked from entering the lobby at 200 West street or owning its stock.

[B]

And you know what, Jack? That's not a bad option either. Right now.

[A]

The owning the stock part.

[B]

Yes, because a tiny percent of a huge number is bigger than a big percent of a small number. For our second story, Burberry just had its best quarter in years. Burberry has finally turned around the British fashion brand.

[A]

Because Burberry's new strategy is to lean into the worst part of living in Britain. The rain. The rain. The worst part of Britain is the best part of their brand.

[B]

Yeah. Now, Jack, to start things off, you just read the biography of Winston Churchill and I'm getting the sense that British brands need a motivation speech from Churchill. Read about now, it was actually a.

[A]

Book about FDR during World War II. But yeah, Churchill was all over the place. Yeah.

[B]

Because when it comes to luxury British brands, Jaguar cars, they're in the middle of an identity crisis.

[A]

Victoria Beckham's fashion business just got an emergency bailout loan.

[B]

Oh. And last we checked, there is still no current James Bond actor.

[A]

Yeah, there's a vacancy at 007.

[B]

But there is one institution that is shining with a British greatness of old that would make the kings of yore proud. Burberry.

[A]

The 169-year-old Burberry is worth $6 billion, which is. What's that? £4 billion sterling.

[B]

It's the British fashion house that smells like high tea.

[A]

And it's famous for their distinctive beige, black and red check mark pattern. And it pairs well with Rolls Royces in Notting Hill.

[B]

But besties, they just announced a Burberry earnings that deserves to be knighted. For the first time in two years, sales actually grew and they returned to profitability.

[A]

And that's big Because Burberry had lost its mojo.

[B]

You had to quote Austin Powers.

[A]

From 2023 to 2025, the stock had fallen by half.

[B]

But, Jack, we got a story here because Burberry Stock has gained 50% in just the last six months.

[A]

The biggest turnaround in England since the Magna Carta.

[B]

But yetis, this is what we find fascinating about the story. In order to pull this off, one year ago, they hired a new CEO and they laid off 1700 employees.

[A]

Brutal, but necessary. The biggest change, however, was what we're calling their.

[B]

And what exactly is Brivet, Jack?

[A]

Their British pivot. Their new creative strategy to dial up the Britishness.

[B]

They're dialing it up. And here's the most interesting part. Burberry is leaning into the worst thing about being in Britain as part of their Britishness, the weather.

[A]

The company's turnaround is based on the fact that it rains 156 days of the year in London.

[B]

Sit down, stand up, and grab a poncho. Again, 43% of the calendar in England is rain.

[A]

Everybody knows that we expect rain in London, and we kind of respect Londoners for dealing with it.

[B]

We do, Jack. So on a product side, Burberry is now making fewer handbags, but more rain jackets.

[A]

They're actually turning their famous trench coat into its own franchise.

[B]

For example, just last month, Melania Trump was on a state visit to the boyish Royals and wore a Burberry trench coat shaped like a dress.

[A]

And I could not believe this. It's actually so basic. But do you know why they call it the trench coat? It goes back to World War I and the trenches.

[B]

Originally, Burberry designed the Burberry trench coat for British officers in the trenches of the war.

[A]

They eventually realized that what keeps you warm and dry on the Western Front also works in Piccadilly Circus.

[B]

And so by the 1920s, the Burberry Trench coat had become the popular fashion for civilians in peacetime.

[A]

Almost makes you feel guilty to wear it today, knowing where it came from.

[B]

So, yetis, when you add it up, today's Brevet of Burberry is about going back to their heritage or. But also going back to a very distinctive British experience.

[A]

Being wet or specifically trying to stay dry.

[B]

Yeah, we're gonna guess that they're gonna launch a movie next with Michael Caine about a Burberry umbrella. Probably.

[A]

As my dad always says, there's no such thing as bad weather. There's just being underdressed.

[B]

He was an early Burberry influencer. So, Jack, what's the Takeaway for our buddies over at Burberry.

[A]

Your strategy should be shaken, not stirred.

[B]

Yetis. James Bond famously ordered martinis shaken, not stirred. He was different, and it became his identity.

[A]

And for brands, it's easy to overlook what makes you different, but you shouldn't, because your difference is your strength.

[B]

And that's what Burberry did. It wasn't just trench coats for miserable London weather. Burberry leaned into everything about being British.

[A]

Recently, their marketing has showed up at British music festivals. And they also brought back and emphasized that old British horse rider logo.

[B]

Burberry hired Olivia Colman as their top model, the lady who played the queen in Netflix's the Crown, because the rest.

[A]

Of the fashion industry, it's based in France and Italy.

[B]

Yeah.

[A]

And England just can't compete with France and Italy.

[B]

You can't compete with those guys.

[A]

But Thames is not the same as the Mediterranean.

[B]

But Burberry is the biggest of the few remaining British luxury fashion brands, so.

[A]

They'Re leaning into their differentiator. And it's working. Burberry is shaken, not stirred.

[B]

Now a quick word from our sponsor.

[A]

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[B]

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[A]

The smartest way to hire. Now, a quick break. Switching topics to one of our favorite sponsors, vital proteins.

[B]

Now, Jack, my mom does not use most of the products we promote. She's not building a website. She's not downloading A stock trading app?

[A]

No, she's not.

[B]

But she did call me this weekend and here's what she said. She said, I need to know the promo code for your collagen peptide sponsor because I just bought more of it.

[A]

It was Vital Proteins and their no sugar added collagen peptide products are delicious, especially the new 30 gram Prote.

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Now, I don't know if my mom's into the taste or the health benefits or she's trying to get jacked, but she's got healthy hair, skin, nails and joints right now. Dude, I'd say it's all of them. So.

[A]

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[B]

For our third and final story, the biggest business drama of the week is getting kicked out of your hotel right in the middle of your vacation. For three thousands of people.

[A]

Sonder is Airbnb meets WeWork. And it filed for the worst kind of bankruptcy on Monday.

[B]

All right, Yetis, Jack and I are going to set the scene for you. You pack up the family, you fly across the country to the east coast because you want a nice fall weekend with the kids.

[A]

Over the weekend, some tourists in Boston did this and received a real email from Marriott. It said, we apologize, but you need to leave your hotel right now.

[B]

Marriott's relationship with Sonder has ended up check out immediately.

[A]

This was an actual email received by a real family from Arkansas that was in Boston. They thought it was spam, so they ignored the email.

[B]

So they went out for a nice day to Boston's Faneuil Hall. They got back to their hotel and.

[A]

Discovered what Jack all of their belongings were boxed up in the hallway.

[B]

The dirty clothes, their toothbrushes, their laptops, all the guest stuff put in plastic bags, left outside, evicted.

[A]

And this happened to thousands of people Monday morning because those thousands of people all stayed with Sander besties.

[B]

That was the beginning of our story about the end of Sonder.

[A]

It's a story of venture capital, money, hubris, and now bankruptcy. But it all starts in 2012.

[B]

That's right. A McGill College student up in Montreal starts renting out his apartment and he makes so much money off of it, he starts doing it for his buddies too.

[A]

By 2014, he had bought and managed a bunch of full time Airbnbs. Basically, he was a short term rental landlord.

[B]

But Jack, it's more than that, right? Like what kind of a new business model were we looking at here?

[A]

This guy had ambitions. His business model was Airbnb meets WeWork.

[B]

He wanted to create a brand, a curated form of Airbnb with an expectation of quality people could rely on.

[A]

Like a WeWork, it was a unique real estate proposition. Sonder would be the quality of a hotel, but with the vibe of a home rental.

[B]

Yeah, and without, like, the neighbor upstairs who owns the place topping down and, like, seeing what you're up to for the weekend.

[A]

And like WeWork, Sandra raised a ton of money to lease a ton of properties to scale the business fast.

[B]

But instead of turning them into bookable workspaces, Sonder turned them into bookable apartments.

[A]

So whether you're in Paris, New York or Los Angeles, Sonder would be an apartment you could stay at, but it would have the same shampoo, the same furniture, the same quality, whatever city you're in.

[B]

That was a differentiation from an Airbnb.

[A]

But it didn't work.

[B]

No, it didn't.

[A]

Despite partnering with Marriott last year, Sander just declared Chapter 7 bankruptcy on Monday.

[B]

The stock has plummeted. It is now worth just pennies in just the last few days.

[A]

On this pod, we usually cover Chapter 11 bankruptcies where the company continues operating while they try to figure out a financing situation.

[B]

Okay, but, Jack, this is a Chapter 7 bankruptcy. And what does that mean, my friend?

[A]

The company shuts down and all of the assets get sold. Liquidation.

[B]

The end of the company.

[A]

Sandra has 700 employees. And if any of you are listening, we're wishing you the best. This is sad news to hear.

[B]

It is, but we wanted to study the Sandra story to see what we could learn from it. And, Jack, what's the takeaway for our buddies over at Sonder?

[A]

They raised way too much money for a business that was never going to make that much money.

[B]

Now, yetis, Jack, and I think the business model makes sense here. Right? Like the Airbnb meets WeWork. And, you know, WeWork's core business model. That makes sense, too.

[A]

But like WeWork, Sonder simply raised too much venture capital money.

[B]

Nick.

[A]

They raised $680 million when their valuation was just a little bit more than that. $1.1 billion.

[B]

I mean, you know about a Series A, Series A, Series B, Series C. They had a Series H fundraise at.

[A]

Sonder, and the result of all that fundraising? They started signing bad leases just like WeWork did, to show their investors growth at any cost.

[B]

And what was the business model for Sonder? Leasing real estate and then subleasing that real estate to travelers.

[A]

Sorry, Masayoshi San, but that's not a 1 trillion DOL business. No, Sonder's expectations, just like we work's, were way off.

[B]

Ma' suh besties. You can't build a building on a faulty foundation and you can't build a business on faulty expectations.

[A]

But that's what wework did. And so did Sonder.

[B]

Jack, could you whip up the takeaways for us? Heading into the weekend, Goldman Sachs is.

[A]

Done with consumer banking. Instead, it's entering venture capital, talent management, and buying a piece of Kim's skims.

[B]

Goldman's launching a podcast next. The stock's at an all time high because a tiny percent of gigantic numbers.

[A]

For our second story, Burberry is staging a comeback by leaning into what England is known for, bad weather.

[B]

The strategy is distinctive, just like James Bond's martini order, shaken, not stirred.

[A]

And our third and final story is Sonder. It went out of business in a chaotic Chapter 7 bankruptcy. People got evicted from their hotels on Monday.

[B]

It's a nice problem to have. But like wework, Sonder raised too much money and they could never deliver on the expectations.

[A]

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

[B]

First, Blue Origin successfully landed a rocket booster off the coast of Florida. Jeff Bezos got a rocket up in the sky and got it right back down to the water.

[A]

They landed it on a barge so that they can reuse it for future space launches. This is key to competing with SpaceX.

[B]

Jack and I actually watched this and you may remember SpaceX pulled off a similar thing years ago, but now SpaceX has competition.

[A]

Yeah, the Jeff Bezos Elon Musk ship measuring contest just hit a new level.

[B]

And second, Steph the Chef Curry is breaking up with Under Armour, his sneaker brand since back in 2012.

[A]

The breakup is also with immediate effect, so Steph can wear whatever sneaker he wants in his next game.

[B]

After 13 years, the three point shoot in Chef Curry is a sneaker free agent.

[A]

And Under Armour has some soul searching to do.

[B]

The Stock's down about $200 million in value, Jack, so I think that says it all.

[A]

And finally, the newest flex in life is having a phone that's Orange.

[B]

Get this, 40% of the new iPhone 17 Pro sold are the orange iPhones.

[A]

So if you see someone with an orange phone, that means I have an iPhone 17 Pro.

[B]

Yeah, I went with the light gray, Jack. I went with the light gray. And I'm basic bro ing it over here. I'm not proud. Not proud.

[A]

Just like your white Tesla, you Know.

[B]

Honestly, it would have paired well the orange with a Burberry coat. I'm just pointing that out. Now, time for the best fact yet. This one sent in by Dan and Paula Hauer, who are celebrating 30 years of marriage in lovely Milwaukee, Wisconsin.

[A]

Custard, the dessert was born in New York City but raised in Milwaukee, Wisconsin.

[B]

Get this. Today Milwaukee has more frozen custard shops per capita than anywhere else on the planet. But, Jack, I know what you're thinking, because I'm wondering it, too.

[A]

What is Custard? Frozen custard was invented in New York to prevent ice cream from melting too fast. Genius chemistry. Here. They added egg yolks, creating a creamier texture that also, conveniently, is higher in protein.

[B]

Yetis, you look fantastic over there. If you're enjoying one of your last weekends for Vestvember, you know you can't wear that vest much longer. Enjoy it. Soak it up.

[A]

Dude, you keep pushing this. I've never seen you wear a vest.

[B]

Oh, and by the way, besties, remember, Jack and I did a whole interview with the CEO of Lyft. We gave you a little clip of it just last week.

[A]

Well, we're publishing the full episode next Friday. Not today, next Friday. And it's gonna be the best one yet.

[B]

So mark your calendars next Friday. You're gonna enjoy the best interview yet in a Lyft.

[A]

It's worth one lift.

[B]

Have a fantastic weekend, and Jack and.

[A]

I will see you Monday.

[B]

And before we go, congratulations to yeti's Alma and Jonathan getting married today just outside lovely Los Angeles.

[A]

And congratulations to Steven Shapiro and Tess Cohan, who are getting married tomorrow in Cincinnati, Ohio, Sin City.

[B]

And the king of true fruit, Taz from Provo, Utah, has got the best birthday yet.

[A]

And happy birthday to Lindsey Ransom in St. Paul, Minnesota.

[B]

And Brittany Queen's turning 38 years old on sabbatical in Bozeman, Montana. But celebrating the best one yet.

[A]

Happy birthday to Tom Molero from Atlanta, Georgia, who we understand is listening to us from the shower right now.

[B]

We see you, Tom. We see you. And a legendary shout out to the bestie of all, Rachel Howard from Team.

[A]

T. Boy, how are you doing? Well, every day, Rachel's doing phenomenal.

[B]

If you're loving what we're putting out on social media, you can thank Rachel. She's a triathlete with three sports. But number one on the Gram, Jon.

[A]

Snow was part Targaryen, part Stark. Rachel Hauer is part static, part Reals.

[B]

Congratulations, Rachel.

[A]

This is Jack. I own stock of Lyft, and Nick and I both own stock of Airbnb.

[B]

Apple and Robinhood and I also own stock in Shake Shack.

[A]

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.

[B]

Prime members can listen ad free on Amazon Music.

[A]

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

[B]

We want to get to know you.