Pod Insights Prof G Markets Stocks Fall to Start September, Kraft Heinz Breaks Up & Why Constellation Brands Has a Beer Problem About this episode Ed and Scott break down Wall Street’s rough start to the month. Then Ed is joined by Robert Moskow, Managing Director at TD Cowen, to unpack why Kraft Heinz decided to break up. And finally, Ed dives into why the distributor of your favorite beer is slowing down.
Check out our latest Prof G Markets newsletter
Order "The Algebra of Wealth" out now
Subscribe to No Mercy / No Malice
Follow Prof G Markets on Instagram
Follow Ed on Instagram and X
Follow Scott on Instagram
Learn more about your ad choices. Visit podcastchoices.com/adchoices
Transcript 5,365 words · 10 speakers
Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.
0:01 Speaker 00 This episode is brought to you by Michelob Ultra. Good times mean competitions between you and your friends. Like seeing who can throw some pigskin the farthest or rush the field the fastest. Winner gets an ultra because it's not just a superior light beer. It's also giving fans superior access to their favorite sporting events. Superior is worth playing for. Visit michelobultra.com/superioraccess to enter. Enjoy responsibly. Copyright 2026 Anheuser Busch InBev Michelob Ultra Beer, St. Louis, Missouri.
0:31 Speaker 01 This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web. Like restoring a vintage motorcycle from a 50-page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18 plus.
0:57 Speaker 02 Hey Spotify listeners. When you travel with American Airlines, you'll enjoy comfort and convenience at every altitude. Before takeoff, unwind in the Admirals Club Lounge with curated self-serve offerings of hearty bites and refreshments. In flight, stay connected with high-speed Wi-Fi. Sponsored by AT&T. Your journey is designed to feel easy from the moment you check in to the moment you arrive. No matter where you're going, American gets you there. Book now at aa.com.
1:22 Ed Elson? Today's number, five. That is the percentage of people who will survive a snake bite from the black mamba. Put another way, the black mamba is less lethal than the Lex Friedman podcast.
1:41 Speaker 04 If money is evil, then that building is hell.
1:49 Ed Elson? Welcome to Prof G Markets. I'm Ed Elson. It is September 3rd. Let's check in on yesterday's market vitals.
1:58 Ed Elson? The major indices all fell when markets reopened after the holiday weekend. The Nasdaq posted its first back-to-back 1% decline since Liberation Day. Meanwhile, bond yields surged with the 30-year nearing 5%. And finally, the dollar climbed and gold reached yet another record high. One outlier we will be watching throughout the day is Google. Google stock popped as much as 8% in after-hours, following a ruling on the antitrust case from a year ago. You'll remember that case found the company maintained an illegal monopoly in search. Well, now we have a remedy. U.S. District Judge Mate, ruled Google can keep Chrome, but it must share its search data. It's also barred from holding exclusive contracts.
2:43 Ed Elson? We'll have more on this news tomorrow. Okay, what's happening? As I mentioned in the vitals there, it was a rough start to September for Wall Street. The S&P down more than 1% since last Thursday. The Nasdaq down 2%. Bond yields surging, gold hitting a record high. Lot of uncertainty. What is spooking investors right now? Well, for starters, as we discussed yesterday, a federal appeals court ruled that many of Trump's tariffs were illegal. That raised fears that the U.S. could be forced to refund billions in tariff revenue. On top of that, investors are bracing for a court ruling on Trump's bid to fire the Fed Governor Lisa Cook.
3:24 Ed Elson? A hearing took place last Friday, but the judge has not made a decision yet, and we will likely not hear one before Thursday. Also, there are concerns right now about America's relationship with India after Trump placed a 50% tariff on the country, and Prime Minister Modi recently took a trip to China and met with Vladimir Putin and Xi Jinping. So, a lot to unpack here. Let's bring in the one and only Scott Galloway to weigh in.
3:55 Ed Elson? Scott, first appearance back on the pod. Good to see you. How are you doing?
4:00 Speaker 05 It's good to be seeing. I'm here in Soho, walking around on a beautiful fall day.
4:07 Speaker 05 Really nice here. I'm glad to be in New York in September here with you at Elson.
4:13 Ed Elson? You look well rested. So Scott, so much has happened while you've been away. Trump tried to fire the Fed Governor Lisa Cook. The appeals court ruled the tariffs are illegal. And the US basically sent India into Russia and China's arms. So much is happening. Let's just get your kind of top line thoughts on what's happened over the past week or so.
4:35 Speaker 05 My top line thoughts, Ed, are that we should release the Epstein files.
4:41 Speaker 05 And I just want to remind everybody that some of this is real and some of it is distraction. Like from the insignificant, him firing or trying to fire Governor Cook, it's the independence of the Fed is obviously a big deal and something that every modern economy values with the exception of Trump. The markets don't seem to be that rattled by it. One, we have the wrong metrics. It's not a democracy metric. It's a metric for the health and wellbeing of seven companies. They, quite frankly, in the short run, are more focused on whether they can sell AI chips into China than whether or not
5:23 Speaker 05 the Fed maintains independence. What's more interesting is the Supreme Court or the appellate court has turned away or said that some of these tariffs, or specifically who's invoking the Emergency Powers Act to enact these tariffs, might not have been justified. Although people are saying there's workarounds. But again, I think that hits more kind of mid and small businesses than it does these big companies. So again, I don't we have a tendency to look at the market as some sort of litmus test for whether the economy and these decisions are good or bad. And it's a simple, efficient and romantic metric. But they're really misleading because I don't think they really tell.
6:06 Speaker 05 The whole story. What you brought up last is, in my opinion, the most important thing that's happened, or that happened in August. And the image of 2024 will be Trump's fist pump after the failed assassination attempts. Uh, the image of 2025 in terms of importance, in my view, is the image of Modi, Putin, and Xi looking like their three brothers rising up against their dick older brother. Yep. It's, it, that should send a chill down everyone's spine. About, I don't know, 20, 23 years ago, George W. Bush labeled Iran, Iraq, and North Korea the axis of evil, and combined, they had about a
6:52 Speaker 05 1.2 billion dollar or 1.2 trillion dollar GDP. When India, China, and Russia took up to create trade prosperity and quite frankly, a unified front against America who's trying to bully them around. You're talking about 20 trillion dollars in GDP, and more importantly, you're talking about a set of skills and assets that are really formidable, specifically capital and technology out of China, innovation in the largest emerging middle class and consumer population out of India, and energy and a willingness to kill their own and throw them into war from Russia. And it's so, this is, this is scary. That is a true, I won't call it an axis of evil, evil, but an axis of counterbalance to what has been
7:37 Speaker 05 kind of 50-year hegemony for the US, which we have enjoyed and gotten really used to. And the last thing I'll say, uh, because I know I'm joining on here. It was totally unnecessary. Yet again, another own goal. We'd have a fantastic relationship with India and, or a good relationship with India, and they were increasingly important as the two swing votes in the modern world are the kingdom. And India, and that is they're the most important places that didn't kind of weren't assigned a team yet. And I would argue the the kingdom is actually going more capitalist, which I think is a good thing. And India was ours to lose because not only are they English speaking, or a lot of English speakers, more PhDs anywhere in the world, a democracy,
8:22 Speaker 05 but we have this incredible connective tissue of our education institutions. And that is the best and brightest minds in India often end up at our finest elite institutions. I know this firsthand. Asad the motor and the Santa are running Sunda Rajan, our dean at NYU Stern, wonderful man, reduced Sundaram. You know, we get the best and brightest out of India and it creates empathy, a mutual affection, trade. There's just a general goodwill between the two nations. And what have we done? We've started playing hardball with them to no effect, announce these 50% tariffs that is forcing, turning enemies, national enemies into allies such that they can be a more formidable counterweight to
9:05 Speaker 05 your, to your presence. Nixon said the last thing you'd want to do is China to go party with Russia. So what do we do? We figure out a way to throw India into Russia and China's hands. Anyway.
9:16 Ed Elson? As we've said before, deals are happening, deals are getting done. It's just they're not really involving us.
9:21 Speaker 05 Well, there's, there's an immense amount of global trade taking place. We, there was a really important summit that happened. Unfortunately, we weren't involved.
9:29 Ed Elson? Yep.
9:29 Speaker 05 It's literally as if Trump went to Chat GPT and said, how do I fuck up our prosperity in as elegant a way economically and geopolitically with just, just head of my ass own goals? Too much, Ed? Too much?
9:43 Ed Elson? It's what the Brits did in 2016. That's exactly what, that's exactly what the UK did in 2016. They, they, they searched that exact entry into Google, not Chat GPT. Before you go, Scott, uh, can we just get a quick update on your summer? We haven't heard from you all of August. What happened?
10:04 Speaker 05 I don't remember much about it. It was a lot of, a lot of time with kids and edibles. One of those things was a good time.
10:12 Speaker 05 Yeah, I had a wonderful August and as did you. I heard you went to Sardinia, you Euro douche fabulous person trying to impress your girlfriend.
10:20 Ed Elson? Yes, sir. Yes, sir.
10:21 Speaker 05 Sardinia. All you're complaining about is how expensive it is. Welcome to my world. Welcome to my world. Times for my man. It's expensive and fabulous. See, the good news is when I was your age, I just went to Irish bars and like to Club Med at Mazel to for like $800 for a week. Anyway, I agree some.
10:38 Ed Elson? And I have to switch up my lifestyle. Okay, good stuff. It's good to hear from you. I will check in with you later this week.
10:44 Speaker 05 Thanks, brother.
10:46 Ed Elson? After the break, a food giant is breaking up. If you're enjoying the show, give Prof G Markets a follow.
11:01 Speaker 00 This episode is brought to you by Michelob Ultra. Good times mean competitions between you and your friends, like seeing who can throw some pigskin the farthest or rush the field the fastest. Winner gets an ultra. Because it's not just a superior light beer, it's also giving fans superior access to their favorite sporting events. Superior is worth playing for. Visit michelobultra.com/superioraccess to enter. Enjoy responsibly. Copyright 2026 Anheuser Busch InBev Michelob Ultra Beer, St. Louis, Missouri.
11:31 Speaker 01 This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses setup required. Compatibility and availability varies 18 plus.
11:56 Speaker 02 Hey Spotify listeners, when you travel with American Airlines, you'll enjoy comfort and convenience at every altitude. Before takeoff, unwind in the Admiral's Club Lounge with curated self-serve offerings of hearty bites and refreshments. In flight, stay connected with high-speed Wi-Fi. Sponsored by AT&T. Your journey is designed to feel easy from the moment you check in to the moment you arrive. No matter where you're going, American gets you there. Book now at aa.com.
12:26 Ed Elson? We're back with Prof G Markets. Kraft Heinz is breaking up. The food giant has announced plans to split into two separate companies by 2026. One business will focus on higher growth products like Heinz condiments, Philadelphia cream cheese and Kraft mac and cheese. The other will house slower growth staples like Oscar Mayer, Velveeta and Lunchables, products that are still iconic but no longer drive meaningful growth. The stock closed down 7% on the news. So this is a classic example of what we call the conglomerate tax. We've talked about this on the show before, this idea that the more types of businesses
13:06 Ed Elson? and the more types of assets you house under one corporation, under one stock, the less of a premium you will receive on that stock, the lower a multiple. As Scott has put it, it's not your job to diversify, it's my job to diversify. It's the job of the investor, not the board. And so what we often see is that the stocks that cover too much ground, the stocks that are too diversified, they often don't get these great multiples. And so that is probably the view of the board here. If we split Kraft Heinz into two pure play businesses, one for high growth, the other for low growth, then we'll get a lot more traction on that high growth business and perhaps a better premium. For context, this company has been trading at one and a half times sales.
13:51 Ed Elson? About 10 years ago, they were trading at four times sales. Having said all of that, this is a very striking move for this company because it essentially reverses their original strategy. And that is in 2015, Kraft and Heinz were separate companies and they merged together. It was one of the biggest food mergers in history, a $46 billion deal. It was orchestrated by none other than Warren Buffett and that created Kraft Heinz. The thesis was to cut costs, boost margins and use scale to grow. And for a while that worked. The stock peaked at $93 in 2017. However, it didn't last. Consumers shifted away from processed foods and Kraft Heinz didn't really adapt.
14:36 Ed Elson? Growth stalled, innovation slowed and in 2019, the company took a $15 billion write down in the value of its two most iconic brands, Kraft and Oscar Mayer. Buffett later admitted that he overpaid for this Kraft deal and he said it was, quote, "wrong in a couple of ways." The stock has since shed more than half of its value and now they are unmerging. So lots to unpack here. To help us understand this breakup and what it means for the company, let's bring on Robert Moskow, Managing Director at TD Cohen. Robert Moskow, thank you very much for joining me on Prof G Markets.
15:14 Speaker 06 Well, thank you for having me.
15:15 Ed Elson? So Kraft Heinz is unmerging. The stock has fallen 7% on that news. Maybe just give us a breakdown. Why are they unmerging here and what does this mean for the company, Robert?
15:30 Speaker 06 They're unmerging because especially in a very challenged packaged food environment, what they're saying, they're seeing, and I think a lot of other companies is that companies that try to gain scale through breadth are not succeeding as well as those that have focused on depth. And depth means, you know, a handful of categories where you have really strong market share. Kraft has a lot of brands where they have a lot of market share, but so many categories, you know, it must be 30 or 40 different categories across the grocery store. And this ends up making you vulnerable to many different issues at once. Commoditization, private label, premiumization.
16:15 Speaker 06 So their, their idea is let's go back a lot closer to what Kraft and Heinz look like pre-merger and, and see if focusing, have one business that's, that's more on shelf stable condiments and flavors, which is a little bit faster growing. And then that'll be the growth business. The North America grocery business will be slower growth, but focus more on, on capital efficiency and cash flow. This isn't the first demerger I've seen. And I agree with it strategically, but the devil's in the details.
16:52 Ed Elson? Yeah, I guess part of the idea here being that those that that growth business that will be seen as more of a growth stock. Perhaps it'll receive a better premium, higher multiple than it's receiving right now. But the stock did fall 7%. I'm wondering what you think that says. Were you surprised at all by the market's reaction? What do you think the market is telling us?
17:14 Speaker 06 Well, there's a tactical reason for this. I think it has to do with Berkshire's interview or quote that CNBC reported that Berkshire is not happy with the decision to split up the company. They do not think it creates value and they've communicated to the company as such. What we have written in the past is that we're pretty certain that Berkshire will exit its stake. So if they don't agree with the strategic merit of this of this split, you might take the view that they'll be exiting sooner than later.
17:47 Ed Elson? I was going to ask you how much weight, because I saw those Buffett comments too. He called this decision disappointing in his message to CNBC. And one of my questions was, how much weight does Buffett's words carry?
18:03 Ed Elson? It sounds like a lot. I mean, moving the stock by 7%. I'm sure that's largely because of their huge position in the company. But that's quite striking, though, that Buffett's comments alone could be moving the stock this much.
18:15 Speaker 06 Well, I don't think he's telling us something that the street doesn't already know. Like, the street has been knowledgeable about the likelihood of this split happening for a while. What the what the market is reacting to is the possibility that he's going to sell quickly. And he owns 27.5% of the stock. That would create an enormous overhang.
18:39 Ed Elson? Yeah.
18:39 Speaker 06 And you can't just put all those shares into the market. It would have to clear at a lower price than the current stock. Now, he also said he didn't want to do that to shareholders, but. I'm not sure how you how both of those things can happen at the same. If he's going to get out of this.
18:55 Ed Elson? Right.
18:55 Speaker 06 It's going to create short term disruption at a minimum.
18:58 Ed Elson? Yeah. Just in terms of the breakup itself, who stands to gain the most from from this breakup? Do you think that we'll see an improvement in terms of the brand side, in terms of the consumer side? Do you think that the shareholders will ultimately be rewarded over the long term? I'm sure the bankers putting this together are probably making some money off of this. But but who does this? Who are the winners here?
19:22 Speaker 06 Well, I work for a bank, so I'm not going to comment on that part. But I will, I will say that it is very difficult to see like, like a clear path to operational improvement from just splitting up the business.
19:37 Ed Elson? Yeah.
19:37 Speaker 06 It it's not a cure all for the litany of problems facing the craft brands. Many of these problems are structural in nature. They probably lost the most share in their categories among the big CPG companies that I I follow. And and a lot of times their categories are slowing as well. So I I think that the way that investors could still win is if the the more attractive business, which is global taste elevation, which is condiments and flavorings. And it that that possibly could come into play. A strategic acquirer could emerge. What I've written is that McCormick could be one of those suitors.
20:22 Speaker 06 This would be an extraordinarily big deal for them. So it's it's unclear whether that that that will actually play out. But I think another important reason for them to do this is that it is no secret that when Kellogg split up their company two years ago, strategic acquirers emerged for both assets.
20:44 Ed Elson? Right.
20:44 Speaker 06 So that's not to say that that'll happen again, but. Certainly, it must be a potential scenario, at least for one of the businesses.
20:55 Ed Elson? Yeah, you mentioned some of those those secular trends that have been affecting the business and that the stock is down more than thirty percent this year.
21:07 Ed Elson? What are those issues that the company is struggling with? I mean, we've seen a movement away from processed food potentially, and perhaps that's been part of the sort of macro trend that we're seeing with the consumer. There's been a lot of talk, of course, about Ozempic and and how that may affect a lot of these packaged food brands. What are the big problems for Kraft Heinz right now?
21:31 Speaker 06 Well, price sensitivity among their consumers is high. They cater to a lot of lower income consumers who are unfortunately feeling the the biggest brunt of inflationary pressure. You know, it hurts them more than it it hurts the rest of the population.
21:50 Speaker 06 And Kraft, along with a lot of other food companies, have raised prices thirty percent plus during the course of the pandemic. And then lower income consumers had their SNAP benefits cut. Other subsidies have been reduced as well, so their their purchasing power went down. But I I think the bigger, more insidious issue is the things that Kraft does really well is taking
22:17 Speaker 06 commodity meat and cheese and turning into something very convenient for the consumer, which is heavily processed, but you you charge a premium for that that convenience factor. And a lot of these types of foods are just coming under more and more scrutiny from the the Make America Healthy Again movement, just moms who are are reading ingredient labels more more carefully, dads too, me. And there's a backlash against these types of foods that
22:49 Speaker 06 Craft Brands is kind of like right in the in the bullseye of.
22:55 Ed Elson? Yeah, I I'm glad you say that because that is something that we've been talking about on the podcast a lot. And we view it the same way is that that's just a change in consumer habits. I guess that my final question would be then, in what sense does breaking the company up address that? Do you think that that is part of the strategy here? Or is this mostly a financial play for the purposes of, as you say, a potential acquisition at some point? Or does this address those issues?
23:28 Speaker 06 Operationally, I they can say that it's going to address these issues. And they have said that, that, you know, more focus is the answer. But in my view, I think that solves, you know, 15 to 20% of the problem at best.
23:43 Ed Elson? Got it.
23:44 Speaker 06 I think that the the real intention here is to make one or maybe even both of these assets
23:55 Speaker 06 up for sale for a strategic bidder. And, you know, it again, I think it's following a playbook that Kellogg played.
24:07 Ed Elson? That was Robert Moscow, Managing Director at TD Cohen. This all goes back to that great Jim Barksdale quote, which we love to repeat on this podcast. The former CEO of Netscape, he said, quote, "There's only two ways I know of to make money. Bundling and unbundling." And that's exactly what we're seeing here. We had the bundling back in 2015. We bundled Kraft and Heinz together and 10 years later, we are now entering the unbundling phase. We are going to unbundle the two companies. But this does raise this bigger question, which is what does any of this actually solve? And, you know, Robert kind of hinted that there in this interview.
24:50 Ed Elson? I mean, you merge to find synergies and then you unmerge to find focus. You merge, you unmerge, you bundle, you unbundle. But does any of this actually solve the problem? Does any of this sell more Lunchables? Does it sell more mac and cheese? I don't know. But I would imagine that somewhere in between all of these financial engineering strategies, somewhere you have to think the customer kind of gets forgotten.
25:20 Ed Elson? I think Warren Buffett put it best yesterday. He was asked what he thinks about the unmerger. And he said, quote, "It certainly didn't turn out to be a brilliant idea to put them together, but I don't think taking them apart is going to fix it." The stock is down 7%. We'll see how it trades throughout the week, but I think that we can say that right now, the market agrees with him.
25:49 Ed Elson? Constellation Brands fell more than 6% after the company slashed its full year outlook. The company, which distributes beer brands like Modelo and Corona and Pacifico in the US. They now expect to see a decline of 4% to 6% in net sales this year. They had previously expected that sales would remain roughly flat. In a statement, the CEO said, quote, "We continue to navigate a challenging macroeconomic environment that has dampened consumer demand and led to more volatile consumer purchasing behavior since our first quarter of fiscal 2026." So Constellation Brands, the distributor of all your favorite beer brands,
26:29 Ed Elson? they are selling a lot less beer and they expect that to continue into the future. Sales were expected to flatline into fiscal 2026. Now they're expected to drop by up to 6%. So something is going pretty wrong at the company and at a very bad time. The stock is down 32% year to date. So what is going wrong? Well, according to the company, it's a couple of things. First, the macro environment, the fact that prices are rising, inflation is ticking back up. And so the consumer is a little bit stretched right now. And I think that is certainly true and certainly contributing to this. The second issue they cited.
27:13 Ed Elson? Is a drop off in demand among the Hispanic community, which by the way, makes up half of US beer sales for the company. Why is this drop off in demand happening? According to Constellation, a lot of this is due to concerns about immigration and the potential job losses that that might create. And therefore, the Hispanic consumer is pulling back. And again, I think that is probably true. I'm sure it is probably contributing in part to the losses here. But there are other forces at play here, forces that are distinctly less cyclical than the ones I've just described, forces that are not being mentioned by the company, but that are certainly affecting the business and not just of
27:56 Ed Elson? Constellation, but every other alcohol company right now. I mean, you look at all of the big alcohol stocks, Diageo, down 13% this year. Molson Coors also down 13%. Boston Beer down 28%. United Spirits down 30%. The alcohol industry as a whole is suffering. And it could be that it is simply these cyclical macro headwinds, tariff policy, immigration policy, et cetera. Or it could be a victim of something more secular, something more structural, something that will last a long time. And I really think if you want to understand
28:38 Ed Elson? those trends, then the best place to look is young people, because those are the consumers of tomorrow. And when you look at young people right now, what you will find is that there is a social transformation occurring that is fundamentally changing the way we interact with each other and also the way we drink. Put simply, we are the antisocial generation. We are the lonely generation. We've discussed this before. We don't go out. We don't party. We don't really drink. And this isn't an anecdotal observation. This is proven in the data. Americans ages 15 to 24 spend 70% less time at parties than they did 20 years ago.
29:23 Ed Elson? Only 25% of Gen Z is still interested in going out to a club. Essentially, any activity that requires young people to leave the house is becoming less popular. We eat out at restaurants less than previous generations. We go to sporting events less than previous generations. We even have sex less than previous generations. Just 30% of teens today are having sex compared to more than half three decades ago. So, you know, what you're dealing with here is a completely different type of person, a person that doesn't want to go dancing and taking shots with their buddies on a Saturday night. This is a person that wants to watch a live stream at home in their bedroom.
30:05 Ed Elson? And if they are touching substances, I mean, let's be real, they're probably not touching alcohol, they're probably touching a vape. And that might sound cartoonish, but again, this is all borne out by the data. This is what young people are doing. We are more antisocial than ever before. And so is it any surprise really that we're not drinking? Now, if you're a regular listener, you know where we stand on this. We believe loneliness is the most important trend in America right now. We believe it explains pretty much everything. We talked about it as it relates to OnlyFans last week. We've talked about it as it relates to social media. We've talked about it as it relates to politics, but we should be clear, this also has a big
30:47 Ed Elson? part to play in the story of the consumer too. And yes, the story of alcohol. Because this doesn't just affect the way we spend our time, it also affects the way we spend our money. Lonely people, young people, they're not buying handles and 12 packs. And if four in five young people are lonely, and that is what the data is telling us, then realistically, that's four in five fewer customers. So maybe this is cyclical, maybe, maybe this is to do with the policies that we're seeing, and maybe those policies could change. But it's also very possible that this is secular. It's also very possible that young people. The target consumer of alcohol, it's also possible that they're just not driving
31:32 Ed Elson? the growth anymore. And for now, yeah, the data is clear. The consumers of tomorrow are not drinking. And until we put the phones down and get back to partying, I don't think there's any real reason to think that this is going to change.
31:50 Ed Elson? Okay, that's it for today. This episode was produced by Claire Miller, edited by Joel Patterson and engineered by Benjamin Spencer. Our associate producer is Alison Weiss. Our research team is Dan Shalan, Isabella Kinsel, Kristin O'Donoghue, and Mia Silverio. And our technical director is Drew Burris. Thanks for listening to Prof G Markets. If you liked what you heard, give us a follow. I'm Ed Elson. I'll see you tomorrow.
32:19 Speaker 07 This podcast is supported by Anthropic, the public benefit corporation behind Claude. Everyone's got a hard question about AI. Anthropic was built to surface those questions and share what it finds along the way, because there's hope in hard questions. Ask yours at claude.ai/spotify and keep thinking. That's claude.ai/spotify.
32:46 Speaker 08 This episode is brought to you by Snapdragon. Take the leash off your laptop with a processor that gives you long battery life. Work on the go. Jump between back-to-back calls. Stay locked in from morning to midnight. Get maximum performance even when unplugged. Finally, the freedom to move across the room or across the world is here. Snapdragon. That's how. Go to snapdragon.com/laptops. Snapdragon branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries.
33:16 Speaker 09 I'm Glenn Washington. This is Snap Judgment from KQED. When everything is falling apart, what do you do? Hurricane Helane shut everything down. No roads, no cars, no way through, but his daughter was getting married. And somehow, some way, he was going to walk her down that aisle. All systems down. A new Snap Judgment mini-series from KQED. Tap to listen now.
Previous Federal Appeals Court Strikes Down Trump’s Tariffs & De Minimis Loophole is Closed Next Google Dodges a Breakup, China’s Growing Trade With Africa & Anthropic’s $183B Valuation Page updated October 26, 2026 · transcript and summary are machine-generated