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Chapter 1: What is causing the rise in unemployment for recent college graduates?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, protein is in a shortage. I repeat, protein is in a shortage.
Then Anthropic has filed to go public. I repeat, Anthropic has filed to go public. It's Tuesday, June 2nd. Let's ride.
In the cutthroat, low-margin world of bars, one New York City pub is getting creative to stand out. Ahead of Game 1 of the NBA Finals tomorrow night between the Knicks and the Spurs, the Jeffery on the Upper East Side of Manhattan announced a promotion with a prediction market twist. If the Knicks win, then
everyone who buys food or drink there during the game will get their tab picked up by the house up to $100 a piece. 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?
Here's the math, which is not my strong suit. I was an English major, but I'll do my best. So they bet $5,000 on the Knicks at 37% odds. If the Knicks wins, the payout is roughly $13,500 total. So they profit $8,500 on the bet itself. They'll use part of that to cover the $100 free bar tab promo. If the Knicks lose, they lose the $5,000 bet, but they don't have to pay the free tabs all night.
Plus, the place will probably be slammed, so they'll be having a above average night anyway. So worst case, they eat the $5,000 as a marketing expense. Best case, they have a massive night and the hedge covers the promo.
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Chapter 2: How has remote work affected entry-level job opportunities?
something that allows them to make these very low calories, very protein-dense bars and products. They bought their supplier out completely because I think they foresaw something like this coming with whey is that we don't want to be on the short end of the stick when it comes to losing out on the supply of a very critical ingredient.
Everyone else in the industry is facing this down with whey right now. They at least secured their partner. So maybe that's something we see going forward is just buying out your supplier to ensure you have the supply so you don't get the rug pulled out from underneath you, which is what is happening to a lot of companies right now.
And you mentioned changing taste, but it's also some companies are like, we had this protein pancake mix. We substituted a different protein in the whey. Now they're dry and dusty. So it is existential to these businesses. You need your inputs to be as good so your outputs remain consistent.
My only regret is that we didn't stumble onto this story last week because I did make cheese mozzarella over the weekend. I separated the curds from the whey. I got this beautiful ball. But the thing is... When you make mozzarella cheese, you use a gallon of milk. You have a little cheese ball, and then the rest of it is what? It's whey. It's liquid whey. I didn't know how valuable that is.
I was literally sitting on a gold mine. I didn't know what to do with it. Could have called up all these protein companies and said, guys, I have whey. Like, let's talk.
No way.
Yeah, that's what they would have said. So I maybe, you know. Side hustle. That's a side hustle that's coming down the pipeline.
All right, we're going to take a quick break and come back with Toby's trends right after this.
Toby, have you ever had to deal with managing a global team? Boy, have I ever. Care to elaborate? Nope. All right, then. For everyone else who does, there's Deal. They help you hire, manage, pay, and equip anyone, anywhere.
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Chapter 3: What are the implications of remote work on mentorship and training?
That brought the number of all-you-can-eat buffets remaining to a paltry half-dozen down from a heyday where they're more than 10 times that amount around the strip, according to the report. Buffets were always loss leaders, acting as a deep-sea angler fish for casinos, luring in unsuspecting gamblers with the prospect of cheap, unlimited food.
But Americans are increasingly fending off the temptation. GLP-1 drugs are making indulgent overeating a thing of the past, while the average Joe is a lot more health-conscious than before. For casinos, the economics stop making sense, too. As buffets shutter, food halls have taken their place thanks to a more viable business model.
Packing an old buffet space with trendy dining concepts still attracts customers while actually turning a profit at the same time. Neil, sad to see buffets waning in popularity because it means fewer places to chat and cut too.
This isn't the Vegas of old. So traditionally, here was the breakdown of how a resort and casino would make money. 75% came from gambling. 25% came from other entertainment. Then the 2000s happened and that ratio completely flipped. It was 75% money coming from entertainment and dining and 25% coming from gambling.
So when those when that economics changed, no longer was it viable for for a resort casino to have a buffet as a loss leader. And that's what these were. And that's why we're seeing basically the death of them from over 100 to now six.
It is bizarre, though, to see Vegas kind of departing from this uniquely American phenomenon, though, because buffets just represent so many things that you think that a gambler descending upon Vegas likes, which is excess, which is value hunting, which is gluttony, abundance. All of these things are wrapped up in the appeal of an all-you-can-eat buffet.
Over time, it started to become gamified in a sense that made it less this uniquely American thing and more just like an internet phenomenon. There's a bunch of influencers called Beat the Buffet influencers that built an entire subculture around trying to maximize the calories per dollar by targeting the most expensive items. The fundamental underpinning of a buffet model is that
They want you to fill up on rice. They want you to fill up on pasta, the inexpensive things. If people come in saying, I'm going to target the caviar, I'm going to target the lobster, all of a sudden your model starts to break down. So maybe that was also part of it is people just started over-optimizing it and therefore the economics no longer worked.
But we shouldn't eulogize the buffet in general because they're seeing a revival. It just doesn't look exactly like what you might see in Vegas. According to Yelp, their 2026 trends forecast, they said there was a 252% increase in searches for all-you-can-eat buffets near me. Perhaps that is driven by affordability concerns and inflation, but it's also driven by Asian cuisine.
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