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

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.

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)

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)

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.

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.

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)

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

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.

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.