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📼 A cassette resurgence

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Late Hawaiian Tropic founder Ron Rice’s Florida mansion is on the market for ~$6m. Included: Two outdoor pools, and one indoor pool with angel statues.

In today’s email:

  • Budweiser’s World Cup draw.
  • Chart: Cathie Wood vs. Warren Buffett.
  • Mixtapes: They’re back?
  • Around the web: Finding fruit, a familiar logo, an uninvited dance partner, and more cool internet finds.

🎧 On the go? Listen to today’s 10-minute podcast to hear us break down the outcome of Budweiser’s dry World Cup saga, the return of cassette tapes, Elon Musk getting “10%” booed, and more.

Hangover
soccer player

Budweiser’s dry World Cup saga

Maybe the most shocking result at this year’s World Cup — aside from Saudi Arabia over Argentina — was Qatar declaring its stadiums alcohol-free on the eve of the tournament.

In addition to reminding soccer fans of the dictatorial impulses of Qatar’s authoritarian government, the decision put Budweiser in a bind. As The New York Times explained, the exclusive beer sponsor of the World Cup stayed relevant despite not selling a single alcoholic beer at a soccer game.

Things were awkward at first…

… in part because Budweiser tweeted — and quickly deleted — “Well, this is awkward” after Qatar made its decision to ban beer.

Then, the brand recovered:

  • Budweiser announced the winning country would be awarded the thousands and thousands of beers it could no longer sell.
  • It stocked concession stands with Bud Zero, an alcohol-free brew.
  • It blasted ads throughout the stadiums.

But, at best, this tournament is a draw for Budweiser

It paid FIFA ~$75m for the exclusive rights to supply beer in Qatar, according to Front Office Sports. Plus:

  • An industry source told the Times that Budweiser likely spent another $5m in the run-up to the World Cup — on brewing, refrigeration, transportation, etc. That’s money it can’t get back.

Budweiser’s best chance for a victory will come during negotiations for the next World Cup in 2026. Because of the debacle in Qatar, the company may seek a $47m discount from FIFA on its $112m contract.

BTW: Not everyone stayed sober in the stadiums. An American used fake bottles of suntan lotion as flasks.

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TRENDING
eyeball wearing a hat

Boo meter: Dave Chappelle invited Elon Musk on stage during his show in San Francisco Sunday night. A bunch of awkward booing ensued, though Musk claims the noise was actually just “10% boos.”

SNIPPETS

Sam Bankman-Fried, the founder of failed crypto exchange FTX, was arrested in the Bahamas on Monday and faces charges from U.S. prosecutors. Prosecutors said they will unseal their indictment today.

Biotech company Amgen will acquire Horizon Therapeutics, maker of a $1B+ thyroid eye disease medicine, for $26.4B.

Treasury Secretary Janet Yellen said she believes the US will see “much lower inflation” by the end of 2023, a sentiment shared by many consumers. Read our deep dive on why thinking about inflation leads to more inflation.

Rivian is Rivi-out. The EV startup said it’s pausing plans to build commercial vans in Europe with Mercedes-Benz.

Microsoft inked a 10-year cloud computing deal with the London Stock Exchange Group in exchange for a 4% stake in it.

Japan and the Netherlands are joining the US in restricting advanced semiconductor machinery sales to China. Japan’s Tokyo Electron and the Netherlands’ ASML are key global suppliers.

Hmm! Jack Sweeney, who tracks celebrity jets, claims a Twitter employee told him his account tracking Elon Musk’s jet has been shadowbanned.

The Norwegian Electric Vehicle Association reports that 20% of passenger cars on Norway’s roads are now electric. It expects to hit 30% in less than two years.

Ask The Hustle: You asked, we answered. And this time we called in Daily writer Juliet to advise a reader looking to launch a freelance career.

The big idea
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Singdhi Sokpo

Cathie Wood’s bold bets have yet to pay off

For a while there, many felt like Cathie Wood’s bold bet on a trendy group of disruptive tech companies was one of the best in recent investing memory.

To be clear, it could be one day. Just not yet.

In a trend pattern that very closely resembles the tortoise and the hare: If five years ago you had invested in Wood’s high-flying ARK Innovation ETF — which holds shares in pandemic darlings like Zoom and Teladoc Health, and at one point skyrocketed 300% — you would now be down on your investment.

  • Wood’s fund invests heavily in growth stocks that jumped when interest rates and inflation were low. As the economic tides have turned, so has the fund.
  • For comparison: If five years ago you had invested in Warren Buffett’s Berkshire Hathaway, which owns steadier, profitable, “boring” businesses, you would now be up 59%.

Wood seems unphased. She’s countered critics by emphasizing her focus on a long-term outlook, and has even predicted the price of bitcoin will hit $1m by 2030.

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Free Resource

The Scoop on Lucrative Small Bay Warehouses

There are more storage units in the US than Starbucks, McDonald’s, Dunkin’, and Wendy’s locations combined.

Even wilder: Big REITs like Public Storage boast 54% profit margins — not to mention potential passive income streams, like cell tower hosting and rooftop solar farms.

Pretty ridiculous, even by our analysts’ standards. We see that, and raise you Small Bay Warehouses — the smaller-scale “flex spaces” essential to handymen, contractors, ecommerce outfits, startups, and more.

Our Trends report digs into the burgeoning real estate trend, citing key factors to consider if you want in, which we highly recommend.

Access loads of lucrative content inside the hotspot for startups.

Try Trends for $1 →
Rewind
cassettes

Cassettes are back

If you’re old enough, you likely remember waiting hours for your favorite songs to come on the radio so you could add them to your mixtapes.

Today, songs are available on-demand, yet the humble tape is making a comeback.

Between 2020 and 2021, sales nearly doubled from 173k to 343k.

Cassette tapes…

were developed in the 1960s by Philips. They caught on because:

  • Anyone could record audio on them, hence the rise of the mixtape
  • Sony’s Walkman, which debuted in 1979, let music lovers listen to their favorite tunes anywhere

Between 1963 and 1988, 3B+ tapes were sold. But by the ‘90s, CDs had mostly replaced cassettes, followed by digital music libraries.

So why the comeback?

While audiophiles often argue vinyl is the best way to listen to music, no one’s ever made that claim for cassettes.

Yet nostalgia has pushed them back into pop culture:

  • In “Stranger Things,” a Kate Bush tape not only played a pivotal role, but made the singer’s 1985 hit “Running Up That Hill” a modern chart topper.
  • Artists including Taylor Swift, Billie Eilish, and The Weeknd have recently released albums on tape.

Tapes also appeal to collectors. Most are cheap, though some fetch high prices.

  • A 1996 Linkin Park demo, from back when they were known as Xero, sold for $4.5k in 2021.

Fun fact: The original Walkman came with two headphone jacks for dual listening, but it turned out consumers preferred to listen solo.

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AROUND THE WEB

🏒 On this day: In 1992, Atlanta Knights goaltender Manon Rheaume became the first woman to play in a regular-season pro hockey game.

🍓 That’s cool: A database of fruit and other foraging opportunities around the world.

🕹️ Cure boredom: Dodge cubes. That’s the whole game, but it’s surprisingly challenging!

🎥 Haha: If the Universal Studios logo appeared in real life.

💃 Aww: And now, an unexpected dance partner.

TWEET
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Today’s email was brought to you by Jacob Cohen, Juliet Bennett Rylah, and Rob Litterst.
Editing by: “Made you a mixtape” .

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