Morning Brew - ☕ Decoding Davos

Why a bunch of VIPs will be at the same ski resort tomorrow...

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Skiers in a snow globe that doesn't have a lot of snow in it

Hannah Minn

 

BROWSING

 
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The wackiest headlines from the week as they would appear in a “Classifieds” section...

Careers

IN-N-OUT HIRING MIDWEST MANAGER: The iconic California burger joint is expanding eastward into Tennessee, with its first locations there slated to open in 2026. When a Wawa and an In-N-Out open in the same state, the singularity will arrive.

SENIOR VP OF WAGE THEFT: New research found that quirky job titles like “chief fun officer” and “director of first impressions” are just a mechanism companies use to avoid paying employees overtime by assigning them bogus managerial titles.

FOURTH GRADE ARCHAEOLOGISTS: On Christmas morning, nine-year-old Molly Sampson found a five-inch-long tooth belonging to a megalodon, a now-extinct shark that was one of the largest predators in history. This was no chance discovery: Sampson has been collecting shark teeth since before she could walk and has amassed more than 400.

NUMBING NETWORKING OPPORTUNITIES: Conducting business via ice bath is growing in popularity thanks to the supposed benefits of frostbite.

For sale

FEWER LOUVRE TICKETS: The Louvre will start limiting its daily visitor count to ensure people in the museum have a “more pleasurable” experience when viewing famous works like the “Mona Lisa.”

CANDY FOR LADIES: Mars said it’s flipping imagery on M&M packaging to make an “all-female” bag of candy (you know, because M upside down looks like W). Looking forward to seeing their Pride Month plans for Twix.

Personal

SPAC SEEKING SPAC: Money-losing companies that recently went public via SPAC are combining with other SPACs to secure more funding and stay afloat. The ultimate goal is one giant SPAC that also has a streaming service.

LOOKING FOR GROCERY STORE FRIENDS: A Dutch supermarket has installed “slow checkout lanes” for the elderly and other people who might want to chat a bit more when they purchase their groceries. This should be an option at the Taco Bell Cantina.—MM

     
 
 

SNAPSHOTS

 

Photo of the week

Anglers cast lines through holes on a frozen river during the annual ice fishing festival in Hwacheon Anthony Wallace/AFP via Getty Images

Any idea what all these people are doing on the ice? If you guessed “fishing for trout,” you get a sticker.

This photo captures the mesmerizing spectacle of the world-famous ice fishing contest in Hwacheon, South Korea, which has historically drawn more than 1 million visitors annually (though it was paused for three years due to the pandemic). The festival is located just 12 miles from the Demilitarized Zone that separates South Korea from its northern neighbor.

 

SCIENCE

 

Dept. of Progress

Jason Sudeikis talking about the periodic table on SNL SNL/NBC via Giphy

Here are some illuminating scientific discoveries from the week to help you live better and maybe even find new worlds.

Cancer prevention is working. Overall mortality from cancer has plunged by a third since 1991, according to a new report by the American Cancer Society. The drop, which the organization estimates has resulted in 3.8 million cancer deaths avoided, reflects improvements to cancer screening and prevention. For instance, cervical cancer rates for women in their early twenties dropped 65% following the introduction of the HPV vaccine. But there’s still more work to do: Rates of prostate cancer, which is the second largest cause of cancer death for US men, have started climbing and cases are frequently being caught in later stages.

A whole new world. NASA’s James Webb Space Telescope proved this week that it can do more than just take gorgeous photos: It discovered its first exoplanet, a rocky sphere about 41 light-years away from us that’s roughly the same size as Earth. But this one’s probably not a candidate to be our new digs if Elon Musk’s plans for Mars don’t pan out—the planet, named LHS 475 b, orbits a red dwarf star a whole lot closer than we do the sun, making it at least 200 degrees hotter than Earth. Still, the newbie adds to the list of 5,000+ exoplanets NASA has found so far.

🫧 A startup is sucking carbon from the air. Switzerland-based Climeworks said it has achieved a world first by pulling carbon dioxide out of the air and sticking it underground, where it will ultimately transform into rock. The feat has been confirmed by an independent auditor, meaning that hoovering gas out of the air, a long-held goal for several companies and a potentially important way to fight climate change, is now a real possibility.—AR

 
Thuma
 

ANALYSIS

 

Why a bunch of VIPs will be at the same ski resort tomorrow

Davos Getty Images

What do German Chancellor Olaf Scholz and cellist Yo-Yo Ma have in common? They’ll both speak at the World Economic Forum’s (WEF) annual meeting in Davos this week, as economic and political elites from around the globe gather in the Swiss Alps to drink Glühwein in a ski lodge brainstorm solutions to the world’s most pressing problems.

According to the WEF, these are: climate change, inflation, confrontation between countries, threats from technology, plus the prospect of these issues combining into a “polycrisis” (like wars over scarce natural resources brought about by climate change).

What happens in Davos every year is pretty straightforward: World leaders, billionaires, heads of international NGOs, celebrities, and Nobel laureates rub elbows behind closed doors. Meanwhile, journalists lurk around, hoping to catch them in a talkative mood.

But does the WEF really achieve anything besides organizing a glitzy get-together in Europe’s highest town?

First, what is the WEF?

It’s a not-for-profit foundation that’s been around since 1971. It aims to bring together the world’s most influential people to “shape global, regional, and industry agendas.” Aside from the flagship Davos event, it runs regional summits and publishes thought leadership on economic and social issues.

The WEF’s efforts center on stakeholder capitalism, the idea that corporations should not just be profit-maximizing machines but should also look out for customers, suppliers, and local communities.

Not everyone is a fan of the Alpine ski squad

It shouldn’t come as a surprise that an organization in the business of setting up schmooze fests for the global elite has more than a few critics.

Davos skeptics note that the WEF is funded by basically every major organization under the sun. Its 2022 annual report says over half of the ~$413 million it brought in that year came from its partners, mostly corporations like Nestlé and government-run entities like the Agricultural Bank of China. It’s been accused of engaging in capitalist virtue signaling while making it easier for sponsors to lobby for their interests and advocate for business-friendly policies.

The “Great Reset” initiative, the foundation’s global post-pandemic recovery plan, has been panned as a thinly veiled effort to tip the power balance in solving global issues away from governments and toward the private sector.

Why this all matters to those without a private jet

The WEF shapes the conversation (and policies) in areas like international food security and global vaccine distribution:

  • It’s a prominent supplier of narratives to news organizations, with last year’s Davos meeting getting 48,000 media mentions (and it’s already notched at least one this year).
  • Its influence transcends legacy media: Popular journalist Johnny Harris was once called out for partnering with the WEF to promote shareholder capitalism on his YouTube channel.

Big picture: Curiously enough, this year’s Davos attendees nearly showed up to a ski resort without the ability to ski, as an unusually warm winter has left European mountains with little snow. It did snow in Davos at the last minute, but whether the WEF’s efforts can help blunt the impacts of climate change (or solve any other problems) remains to be seen. The WEF’s ability to produce vague proclamations and viral Greta Thunberg moments, however, is certainly beyond question.—SK

     
 

BREW'S BEST

 

Sunday to-do list

Meal prep: Now that eggs are a luxury item, it’s imperative you learn how to prepare them in a manner deserving of their status: poached. Try the strainer or whirlpool method.

Workout: Nike’s guided runs and Calm’s mindful walks should be on your radar.

Smart purchase: Highly recommend keeping a reusable hand warmer stashed in the pockets of all your coats.

Streaming binge: The Last of Us, premiering tonight on HBO Max, has apparently broken the video game adaptation curse.

Playlist: Listen to the artists who are set to play Coachella and Bonnaroo.

Productivity tip: Get inspired by reading how Michael Sikand sold his startup to Morning Brew (hey, that’s us!).

Life hack: Put black garlic on everything (umami!).

Tech tip: If you’re switching from green bubbles to blue (Android to iOS), make sure you do this.—JW

$$$ tips: Money Scoop is the 3x-a-week personal finance newsletter that makes you smarter about your money. Learn how to better invest, budget, spend, manage your taxes, and much more—all for free.

 

DESTINATIONS

 

Place to be: Melbourne, Australia

Australia Open venue in Melbourne Graham Denholm/Getty Images

It’s a big world out there. In this section, we’ll teleport you to an interesting location—and hopefully give you travel ideas in the process.

While it may not be Australia’s largest city, Melbourne is the country’s hub for all things food, culture, arts, and sports—and starting tomorrow it’ll be the center of the tennis universe for the next two weeks when it hosts the Australian Open.

As you watch tennis players rally in the warm sun (it is summer Down Under, after all), you should know that outside the courts, there’s a metropolis of 5+ million people with some unique characteristics, starting with the city’s design. Melbourne’s central business district (CBD) is laid out in a grid, but tucked behind the major thoroughfares are “laneways” that in the Victorian era serviced the businesses on the main roads. It’s on these narrow streets that you can find some of the cafes, boutiques, restaurants, and street art that Melbourne is known for.

Some other fun facts:

  • Melbourne is sports-mad. Not only does it host the Australian Open, but also a Formula 1 race and other international events. Melbourne Cricket Ground (capacity: 100,000+) is one of the most famous sports venues in the world. And in 1956 Melbourne became the first city outside of Europe or North America to host the Olympics.
  • Vegemite, that foul spread Australians like to eat with bread, is manufactured in Melbourne and the product turns 100 years old this year.
  • In the 2010s, Melbourne was declared the most livable city in the world for seven straight years by the Economist Intelligence Unit. —NF
 

COMMUNITY

 

Crowd Work

Last Sunday we asked you to predict what Merriam-Webster will select as its 2023 Word of the Year and why. For reference, this year’s was “gaslighting.”

Our favorite responses:

“In 2023, Merriam-Webster’s Word of the Year will be ‘artificial.’ AI will continue to make us ask questions about content like the ones we’ve been asking about our food: ‘This isn’t butter?’ ‘Yogurt?’ ‘This is meat? IMPOSSIBLE!’ Prince Harry’s Spare will expose the phoniness of the monarchy. Elon Musk will continue to make bots scapegoats. And making daylight saving time permanent will help us all realize how artificial anything can be—even time.”—Luke from Atlanta, GA

“‘Sus,’ because everything is.”—Brandie from Arkansas

“ChatGPT. Why? Because the phrase ‘ChatGPT it’ will replace the phrase ‘Google it’ as the means to obtain unknowns via the internet.”—Heather

“Gaslighting. Because what are you talking about? It was never the 2022 Word of the Year.”—Hanna from San Diego, CA (and a lot more of you jokesters)

This week’s question

Super high-end restaurant Noma announced that it will cease to be a restaurant in 2025. The Copenhagen establishment, ranked among the world’s best, was known to charge $500 for a meal. Design a meal that you would happily pay $500 for.

Here’s Matty’s response to get the creative juices flowing: The theme would be “Midwest Delicacies.” There would be three courses featuring various types of loose beef sandwiches and a fancy strawberry pretzel salad for dessert.

Share your dream $500 meal here.

 

AROUND THE BREW

 

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✢ A Note From Facet Wealth

Facet Wealth is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. *Two months free offer is only valid for an annual fee paid at the time of signing. Offer expires January 31, 2023.

         

Written by Neal Freyman, Matty Merritt, Jamie Wilde, Sam Klebanov, and Abigail Rubenstein

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