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How you can own a little piece of Shrek... [Advertisement] October 05, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Fidelity]( Good morning. With Kevin McCarthy sacked as House speaker on Tuesday, the congressional body is without a leader, and the US is without its second person in the presidential line of succession. That’s the list of who assumes the presidency should the sitting president be unable to do their job (due to death, incapacitation, removal from office, etc.). Three facts about the line of succession: - After VP, House speaker, and president pro tempore of the Senate, the list includes Cabinet secretaries in order of their agencies’ creation. So, the Secretary of State is fourth in line, while the Secretary of Homeland Security is last, at No. 18. - Nine VPs have assumed the presidency mid-term, but no one lower in the line of succession has. The closest we ever got: Andrew Johnson (who had been Abe Lincoln’s VP) was impeached in 1868…but was acquitted by the Senate. - VP Dick Cheney served as acting US president for a total of 4.5 hours when George W. Bush was sedated for colonoscopies in 2002 and 2007. More recently, Kamala Harris became the first woman with presidential powers for 85 minutes during Biden’s colonoscopy in 2021. —Matty Merritt, Cassandra Cassidy, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 13,236.01 +1.35% S&P 4,263.75 +0.81% Dow 33,129.55 +0.39% 10-Year 4.736% -6.8 bps Bitcoin $27,711.64 +1.07% Norwegian Cruise Line $16.46 +3.85% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: Bond yields came down from 16-year highs yesterday and left room for stocks to start [ticking back up]( after a rough trading day the day before. New data from ADP on the job market came in weaker than expected—which could be a good sign for interest rates. And it was especially smooth sailing for cruise operators as oil prices dropped: Norwegian Cruise Line, Carnival, and Royal Caribbean all gained.  HEALTH [Ozempic makes whole industries question their future]( [Two boxes of Ozempic in a pharmacy]( Mario Tama/Getty Images Ozempic already has every A- through G-list celebrity under its power, but now even less glamorous people like CEOs and analysts are thinking about it. The obesity drug’s growing popularity has made numerous execs across industries reference it in earnings calls and future plans. If you missed Andy Cohen’s tweet: Ozempic was originally developed to treat Type 2 diabetes. It—and similar drugs like Wegovy—suppress appetite and can help users lose ~15% of their body weight. Over [9 million]( prescriptions were written for these [blockbuster drugs]( in the last three months of 2022 alone. And they’re a cash cow for their manufacturers because users have to stay on them to keep the weight off. What does that mean for… Snack food brands? Even as analysts warn they could see appetite-suppressing drugs take a bite out of demand, chip-aisle companies seem pretty [unbothered](. They’re banking on predictions that the US savory snack market will grow 6% annually through 2027, and doubling down: Smuckers acquired Hostess Brands for $5.6 billion last month, and the Kellogg Company spun off its cereal division this week so it could focus on its Cheez-Its, Pringles, and other snacks. Traditional diet companies? The $76 billion diet industry has historically touted eating right, exercising, and keeping monthly memberships as the keys to slimming down. But Ozempic’s rise threatens to destroy the already flailing “just cut out carbs sugar whatever!” method. Noom and WW (formerly Weight Watchers) have already rolled out their own [prescription arms](. Airlines? It could help lower costs without admitting to shrinking legroom. Jefferies claimed that if the average passenger’s weight decreased by 10 pounds, United Airlines could save [$80 million]( a year on fuel costs. And others? Insurers are grappling with whether to cover the costly drugs. Meanwhile, Walmart execs have said they expect the prescriptions to help drive sales (though not of food) by getting people into stores. Yeah, but…the drugs are still relatively new, and due to massive shortages of them, companies will likely have some time to react.—MM   PRESENTED BY FIDELITY [Put those Benjamins to work]( [Fidelity]( Everyone knows investing can help you generate cash flow. But the tricky part that’s not as often discussed? Living off your investments. So, how to correctly manage all those earnings and build toward a better financial future? We answer that question in the newest episode of [Fresh Invest, our investing podcast sponsored by Fidelity](. We sat down with Ashley Tran, VP and branch leader at Fidelity, to go in on all things money management. Curious about what, exactly? [We’re talkin’ how to]( - integrate investing into your daily life - adequately plan for retirement - potentially build wealth by investing in real estate Tune in on Fidelity’s YouTube or [wherever you listen to podcasts](. WORLD [Tour de headlines](#) [The US Capitol Building in Washington, DC.]Mikhail Makarov/Getty Images The fight to lead Congress is on. Since former House Speaker Kevin McCarthy got told “you can’t sit with us” by his fellow Republicans on Mean Girls Day, several representatives are now hoping to become the chamber’s new queen bee. Rep. Steve Scalise of Louisiana, the second-highest ranking Republican member of the House, [said]( he plans to throw his hat in the ring, as does Ohio’s Rep. Jim Jordan, who chairs the House Judiciary Committee. Others are also likely to step up before the House votes for its new leader next week. Because the speaker doesn’t technically have to be in Congress, other names have also been floated for the job—including Donald Trump (though current GOP rules don’t allow someone indicted for a felony). Google unveils the Pixel 8. Google’s hoping that Apple’s recent [software update]( won’t be the only thing keeping the iPhone 15 from being the hottest phone out there as it releases its own [next-gen phones]( the $699 Pixel 8 and the $999 Pixel 8 Pro. That’s a $100 jump from its previous line of Pixels, but the new phones boast better cameras, a snazzy new chip, and AI photo-editing tools that let you swap out faces in your group shot. Google still has a long way to go to catch up to Apple: In Q2, Apple shipped 55% of all US smartphones, compared to Google’s 3%, according to Bloomberg. Simone Biles is officially goated. She became the most decorated woman ever in the sport, while leading the US women’s team to its record-setting seventh consecutive [world championship win](. Biles now has a combined total of 33 world championship and Olympic medals. That surpasses the number earned by the previous record holder, Soviet gymnast Larisa Latynina. The competition marked a return to dominance for Biles, who hadn’t competed internationally in two years after suffering from the twisties at the Tokyo Olympics. And she came roaring back with a gravity-defying [vault]( that got named for her after she completed it during the competition. TECH [Tech companies want you to wear AI]( [Mark Zuckerberg wears smart glasses]( Illustration: Francis Scialabba, Images: Getty, Ray-Ban Of all the things that supermodel Naomi Campbell could debut on the runway at Paris Fashion Week this year, a wearable AI device was not on our bingo card. But on her lapel, she sported Humane’s “Ai Pin,” a [pocket-sized gadget]( that brings AI to...wherever you pin it. Humane says it features a camera, a projected screen, and a speaker. The device can notify you of calls, translate sentences into another language, and tell you if you’re [allergic to a chocolate bar]( according to a TED Talk given by Humane’s founder. As tech companies vie for the lead in the [AI wearables race]( the Ai Pin is not the only device sparking comparisons to Black Mirror. There’s also… - Ray-Ban Meta Smart Glasses: Meta’s second foray into [smart eyewear](. The new glasses include mics, speakers, and camera lenses integrated with Meta AI. - Rewind Pendant: From the Sam Altman-backed startup Rewind, this $59 [neck-adorning AI accessory]( “records what you do and makes it searchable,” creating a database of everything you say and hear. Zoom out: The companies behind these new wearables are hoping you’ll like them enough to use them instead of your smartphone. But, just like when phones put a camera in everyone’s pocket, these devices bring thorny privacy concerns since they make it harder to know when someone is recording.—CC   TOGETHER WITH LIQUIDPISTON [LiquidPiston]( This engine’s got game. [LiquidPiston]( engine is no bigger than a basketball, but it’s 30% more fuel efficient than a traditional diesel that’s 5x the size. With $65m in US government contracts and 377% revenue growth since the end of 2021, this could be a slam dunk for investors. [Invest by Oct. 24](. MUSIC [Shrek music royalties are up for grabs]( [Music note with Shrek ears for sale.]( Francis Scialabba Ogre lovers can soon add swamp songs to their investment portfolios. Beginning today, users of the trading platform Public can buy $10 shares of an entity that owns a piece of the Shrek franchise’s original music rights. The 768-track catalog accrues royalties whenever the movies are streamed, broadcast on TV, or played on theme park rides. Every quarter, Shrekholders will [get a cut]( of that money. More than 20 years after the first installment, the franchise’s music is still (*Donkey voice*) makin’ waffles: - The Shrek soundtrack generated yields above 8% in both 2021 and 2022, according to Public. - For comparison, the average dividend yield on the S&P 500 is between 2% and 5%. “It’s a global asset with pretty incredible cultural reach,” Keith Marshall, general manager of alternative assets at Public, told Morning Brew. A new market for retail investors. The Shrek sale marks Public’s launch into [music royalties investing]( a lucrative market that’s only just opening up to small-time investors. Unlike stocks or ETFs, music royalties are often safe from economic turbulence, making this alternative asset class a potentially attractive option for diversifying portfolios and earning passive income—as long as the music stays popular.—ML   GRAB BAG [Key performance indicators](#) [The World Cup trophy]Franck Fife/Getty Images Stat: You better have a lot of airline miles saved up if you want to attend all the games at the 2030 World Cup. The tournament will span three continents for the first time in history. FIFA [announced]( yesterday that Spain, Portugal, and Morocco will host. But three opening matches will be held elsewhere: will be held elsewhere: one in Uruguay (which hosted the first World Cup in 1930), one in Argentina, and one in Paraguay. With games across Europe, Africa, and South America, shouts of “goooooaaaal” will truly reverberate around the world. Quote: “This was as close to a miracle year as you can get.” California’s “water year” (yup, that’s a thing) [concluded]( on Sept. 30, and thanks to intense rainfall that ended years of drought and led to tons of snow melting, the state’s reservoirs are filled to 128% of their historical average. State officials say a seemingly miraculous 33.56 inches of precipitation fell. But, if California keeps getting wetter, it might turn biblical in a less fortuitous way: “We just do not have extensive flood systems on the coast of California,” one official told the Associated Press. Read: Why bars are going hyperlocal. ([Punch]( NEWS [What else is brewing](#) - [The Biden administration]( approved the cancellation of $9 billion in student loan debt from 125,000 borrowers. Student loan payments resumed this month following a pandemic pause since the Supreme Court threw out the administration’s broader student debt forgiveness program. - [McDonald’s and Wendy’s]( won the dismissal of a lawsuit accusing them of false advertising because their burgers don’t look as big or as appetizing in person. - [Actress Julia Ormond]( sued Harvey Weinstein, as well as Miramax and Disney, claiming the disgraced movie producer sexually assaulted her in 1995. - [Prada]( will help design the spacesuits for NASA’s Artemis III mission to the moon, so the forthcoming drippy astronaut images will probably be real. - [Apple CEO Tim Cook]( is $41.5 million richer (after taxes) thanks to selling off a chunk of his company stock. Sounds pretty impressive until you remember he made $355 million selling Apple stock in 2021 and still holds another ~$565 million worth. RECS [To do list Thursday] Watch: A [supercut of songs]( that go literal by stopping on the word “stop.” Book recs: These are [the finalists]( for this year’s National Book Awards. Cook: Pumpkins aren’t just for staging photos in fall sweaters—here are [50 recipes]( you can make with them. Vote: [Fat Bear Week]( has begun, so help pick the chunkiest ursine. Got breakfast envy?: Start your day on top with [Wendy’s]( new Breakfast 2 for $3 Biggie Bundles. Choose from their delish breakfast sandwiches, seasoned potatoes, and fresh coffee. [Order online]( After the cut: We went behind the scenes this week on Fresh Invest, our investing podcast sponsored by Fidelity. You can watch it all on [Fresh Invest’s IG]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: The hidden message in today’s Mini will take you back to first-grade recess. [Play it here](. Three headlines and a lie Three of these headlines are real and one is faker than a TikTok prank video. Can you spot the odd one out? - Bing is [generating]( images of SpongeBob doing 9/11 - Model dressed as huge furball [derails]( fashion show - Did Taylor Swift attend a New York Jets game to [detract]( from her private jets? - National alert may have [missed]( your phone if you text a lot of Canadians SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER We made up the one about texting Canadians. Word of the Day Today’s Word of the Day is: ursine, meaning “bear” (it’s also used as an adjective to mean “bearlike”). We’d like to give Diane R. from Maryland a bear hug for the suggestion. Submit another [Word of the Day here](. ✢ A Note From Fidelity Investing involves risk, including risk of loss. Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry. Fidelity and Morning Brew are independent entities and are not legally affiliated. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 ✳︎ A Note From LiquidPiston This is a paid advertisement for LiquidPiston’s Regulation A+ Offering. Please read the offering circular at [invest.liquidpiston.com](. ✤ A Note From Wendy's Limited time only during breakfast hours. U.S. price and participation may vary. No substitutions. Not valid in a combo. Single item at regular price. ✤ A Note From Fidelity Fidelity and Morning Brew are independent entities and are not legally affiliated. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011