Neil Freiman

And the Jeffrey is okay with that because they are hedged or de-risked.

The owner, Andy, said he put $5,000 on the Couchy bet for the Knicks to win game one.

So whatever happens in the game, the Jeffrey doesn't lose too much or might even come out on top.

Toby, is this the first instance of a bar turning into a hedge fund?

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It's a tough job market out there for recent college grads.

The unemployment rate for these whippersnappers climbed to 5.6% this March, up from 3.6% in March 2019.

And if you listen to the booze rain down at commencement speeches, many blame AI for taking entry-level jobs.

But something else really big happened between 2019 and 2026, the pandemic and remote work.

Remember that?

And a couple of brand new studies found that the shift to remote work, not AI, has created the miserable job market conditions recent college grads find themselves in.

In a paper published yesterday, New York Fed economists estimate that remote work accounts for nearly two thirds, 64 percent of the rise in recent college grad unemployment.

That follows another fresh study where authors Peter John Lambert and Yannick Schindler of the London School of Economics in Oxford blame remote work for the entry level job wipeout.

Both papers offer the same reasoning.

Essentially, remote work favors more experienced workers than junior ones.

When you hire a young employee, they require teaching, training, and mentorship.

Did this with Toby a couple years ago, which has made all the more difficult when you're at the other end of a Zoom call instead of in person.