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           PLUS: What’s the next $1B liquor brand? Brought to you by The Hustle together with Shogun.
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                  February 10, 2021
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                  <a target="_blank">
                   <img alt="The Hustle" border="0" class="light-img" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fth.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l9ohI:CELTZJydsxkSxQOSnYccofHiT1skc5MhbSyJyUgquO0" style="color: #33373E; font-family: Helvetica, Arial, sans-serif; text-align:center; font-weight:bold; font-size:36px; line-height:40px; text-decoration: none; margin: 0 auto; padding: 0;" width="250"/>
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                  TOGETHER WITH
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                   <img alt="Shogun" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fshogun.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l9ohI:CELTZJydsxkSxQOSnYccofHiT1skc5MhbSyJyUgquO0" style="max-width: 150px; width: auto;"/>
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                  <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 10px;">
                   Apple iPhone 12’s mini phone is selling so poorly that some telecom analysts think that Timmy Cook &amp; Co. are gonna pull the plug on the line. In at least one subsection of life, size matters.
                  </p>
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               The Big Idea
              </td>
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                <img alt="Andrew Lo" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fgif_22.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l9ohI:CELTZJydsxkSxQOSnYccofHiT1skc5MhbSyJyUgquO0" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                How financial engineering can save lives
               </h2>
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Andrew Lo is a legend in finance.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Named one of
                <em>
                 Time
                </em>
                ’s 100 most influential people in 2012 -- with the magazine
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 describing
                </a>
                him as a cross between Charles Darwin and Adam Smith -- the MIT finance professor has taught a generation of hedge fund quants.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While the term “financial engineering” often gets a bad association, Lo’s work in the field of biotech may lead to groundbreaking cures.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Nearly a decade ago, Lo lost his mother…
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                … and 5 other people close to him to cancer over a 4-year span, according to a
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  Bloomberg
                 </em>
                </a>
                report.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                After these tragedies, Lo set out to see how financial engineering could help find cures for rare diseases. In his research, Lo found that many biotech startups can’t get funding because of what’s known as the “valley of death.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                A successful new drug might pay off $2B per year for a decade and only cost $200m to create… however, the chance of success is low (5%); even with that payoff, many investors balk at the risk.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 What if you could pool the risk, though?
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Lo proposed creating a $30B fund to fund 150 biotech startups ($200m each). The key insight was that each startup had to target a different (and unrelated) disease.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The reason: Lo wanted all of the startup bets to be completely uncorrelated, meaning failure by one would have zero effect or relation with another.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Using this model, his research showed that the odds of finding:
               </p>
               <ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  One drug
                 </strong>
                 = 99%+
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Five drugs
                 </strong>
                 = 87%+
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Effectively, this approach de-risked biotech funding for the most conservative (and largest) investors in the world.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Neil Kumar -- one of Lo’s students -- used the framework
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                And launched BridgeBio Pharma in 2015. Lo was a small investor while megafunds like PE giant KKR and VC fund Sequoia
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 poured
                </a>
                in hundreds of millions.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                BridgeBio centralizes research and operations functions but spins out new drugs in separate subsidiaries (it’s called the “Andrew model”). Today, BridgeBio has 20 rare disease projects in the pipeline and 4 are in phase 3 trials, per
                <em>
                 Bloomberg
                </em>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The firm IPO’d in
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 2019
                </a>
                and is worth ~$9B.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                For Lo, it’s positive news but there’s more to be done: “The more financing that comes into the industry,” he says, “the faster is the scientific progress we’re going to make.”
               </p>
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               Snippets
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                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Cyberpunk cyberpunked:
                 </strong>
                 Game developer CD Projekt
                 <a style="color: #d62829; text-decoration: none;">
                  announced
                 </a>
                 it was the victim of a ransomware attack in which hackers managed to steal the source code to key games.
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Shopify’s getting social:
                 </strong>
                 For the first time, Shopify is
                 <a style="color: #d62829; text-decoration: none;">
                  bringing
                 </a>
                 its Shop Pay checkout option -- used by 40m+ buyers -- out of its own platform and into Facebook and Instagram.
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  DoorDash does the robot:
                 </strong>
                 The food delivery service
                 <a style="color: #d62829; text-decoration: none;">
                  acquired
                 </a>
                 robotics startup Chowbotics to whip up salads, poke bowls, and snacks at universities, hospitals, and grocery stores.
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  EA sticks to mobile
                 </strong>
                 with its $2.4B
                 <a style="color: #d62829; text-decoration: none;">
                  acquisition
                 </a>
                 of mobile gaming behemoth Glu, famously known for its Kim Kardashian Hollywood game.
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  You can’t be the ‘Everything Store’
                 </strong>
                 without a wall-mounted home control product… which is exactly what Amazon is releasing with a new
                 <a style="color: #d62829; text-decoration: none;">
                  Echo
                 </a>
                 device.
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Not
                 </strong>
                 <em>
                  <strong>
                   Succession
                  </strong>
                 </em>
                 <strong>
                  :
                 </strong>
                 James Murdoch (Rupert’s son) is launching a
                 <a style="color: #d62829; text-decoration: none;">
                  SPAC
                 </a>
                 to acquire Asian media brands.
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Never enough:
                 </strong>
                 Twitter’s users, revenue, and earnings were all up YoY… however, the company warned expenses (e.g., head count) will jump in
                 <a style="color: #d62829; text-decoration: none;">
                  2021
                 </a>
                 , cooling the market reaction.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Apple Watch yourself:
                 </strong>
                 A Mount Sinai study found that health monitoring on the Apple Watch can detect COVID a
                 <a style="color: #d62829; text-decoration: none;">
                  week
                 </a>
                 before testing.
                </li>
               </ul>
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              <td style="color: #D62829; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; padding: 0px 0px 10px; text-transform: uppercase;">
               The Hills Have... Potential?
              </td>
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              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 3px 0px;">
                The world is facing a big dam problem
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 3px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                For 100+ years, hydroelectric dams have generated power on demand. But with energy needs rising, we’re running out of places to put them.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Enter
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 RheEnergise
                </a>
                , a London-based startup...
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 … that’s turning hills into batteries
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Their “High Density Hydro” systems are similar to typical hydroelectric plants -- using surplus power to pump liquid uphill to a holding area, then releasing it to create power when needed -- but offer several key advantages:
               </p>
               <ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  They’re smaller, cheaper, and quicker
                 </strong>
                 to build with just 1/5th the construction time of a typical hydro-plant.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  They can be built underground,
                 </strong>
                 freeing up land for solar farms or wind farms, or environmental restoration projects.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Their systems are closed loop,
                 </strong>
                 so they don’t even require an existing waterway.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The secret is their proprietary HD R-19 fluid, which is 2.5x as dense as water, allowing them to generate the same power with a much smaller system.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 The Earth needs ~100x its current energy storage capacity by 2040
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                But room for hydroelectric dams is running out.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                “Most potential sites have been used up,” RheEnergise
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 claims
                </a>
                , “and most people consider pumped hydro a dead end.” But they’ve found ~10k sites in the UK alone for their HD Hydro systems -- 80k across Europe, and 160k+ in Africa.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 RheEnergise has received ~£550k in grants from the UK government
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It has also raised ~£660k in crowdfunding and hopes to be operational by 2023.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Given the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 environmental drawbacks
                </a>
                of large hydropower, that’s the best dam news we’ve heard all week.
               </p>
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               <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 10px;">
                The high-density dam (on the right) takes up much less real estate (Source: RheEnergise)
               </p>
              </td>
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                is your new secret weapon.
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                See for yourself: Consumer electronics company Nomad switched to Shogun Frontend and saw the following improvements
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               <ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
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                  25% increase in conversion rate
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                 15.6% decrease in bounce rate
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                 25% increase in revenue per session
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Now think about how much money you’re leaving on the table with your current site… and how much higher your revenue could be by switching to
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                Explore their full Nomad case study here, then hit ‘em up to boost your own numbers.
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               <a style="-webkit-text-fill-color: #ffffff; background: #D62829; border-radius: 15px; color: #ffffff; font-size: 16px; font-weight: bold; padding: 6px 20px; text-decoration: none;" target="_blank">
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              <td style="color: #D62829; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; padding: 0px 0px 10px; text-transform: uppercase;">
               Dwayne ‘On the Rocks’ Johnson
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 6px;">
               <img alt="Guy Fieri" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FGuy_Fieri.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l9ohI:CELTZJydsxkSxQOSnYccofHiT1skc5MhbSyJyUgquO0" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
              </td>
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               <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 10px;">
                Guy Fieri (welcome back to our email) owns Santo Tequila (Source: Santo via THR)
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                Celebrities are taking shots at the liquor market
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                On HBO’s “Silicon Valley,” former billionaire Russ Hanneman built a tequila brand aptly named
                <em>
                 Tres Comas
                </em>
                in an attempt to re-billionize his bank account.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Now, it seems a growing number of celebrities are also trying to add
                <em>
                 tres comas
                </em>
                to their names by shaking up the liquor space.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 The proof is in the
                </strong>
                <em>
                 <strong>
                  proof
                 </strong>
                </em>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Hip-hop artists -- like Diddy (with Ciroc) and Jay-Z (with Ace of Spades) -- have a track record of
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 scoring
                </a>
                big in the liquor space.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                In recent years, A-list names *taking shots* at the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 market
                </a>
                include:
               </p>
               <ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  2017:
                 </strong>
                 George Clooney sold tequila startup Casamigos for
                 <strong>
                  $700m
                 </strong>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  2018:
                 </strong>
                 MMA Champion Conor McGregor
                 <a style="color: #d62829; text-decoration: none;">
                  launched
                 </a>
                 a whiskey now valued at
                 <strong>
                  $235m
                 </strong>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  2020:
                 </strong>
                 Ryan Reynolds’ Aviation Gin sold for
                 <strong>
                  $335m
                 </strong>
                 (we wrote more about the hilarious Reynolds
                 <a style="color: #d62829; text-decoration: none;">
                  here
                 </a>
                 )
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                With celebrity brands currently making up ~5% of the space, insiders see room for growth.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Who’s the next Clooney (or Diddy)?
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                One name you might know: Dwayne “[On] The Rock[s]” Johnson. The mega-super-duper-star launched Teremana Tequila last spring and broke
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 records
                </a>
                by selling
                <strong>
                 300k+
                </strong>
                cases in 2020.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Others mixing it up:
               </p>
               <ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Football player
                 <strong>
                  J.J. Watt
                 </strong>
                 , cycling legend
                 <strong>
                  Lance Armstrong
                 </strong>
                 , and Momofuku founder
                 <strong>
                  David Chang
                 </strong>
                 are all investors in nonalcoholic Athletic Brewing Co. (We wrote about it
                 <a style="color: #d62829; text-decoration: none;">
                  here
                 </a>
                 .)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Guy Fieri
                 </strong>
                 and former Van Halen frontman
                 <strong>
                  Sammy Hager
                 </strong>
                 (!!) own Santo Tequila
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Actress
                 <strong>
                  Kate Hudson
                 </strong>
                 launched King St. Vodka in 2019
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Oh, by the way,
                <em>
                 Tres Comas
                </em>
                exists IRL. In likely the funniest official
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 press release
                </a>
                to date, publicly traded liquor conglomerate Diageo proclaimed it as “the only tequila acceptable for billionaires.”
               </p>
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               The Hustle Says
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               <div class="statements" style="font-family: sans-serif; font-size: 15px; padding: 0px 2px;">
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                </p>
                <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 12px;">
                 <strong>
                  $2M in revenue
                 </strong>
                 <em>
                  <strong>
                   after
                  </strong>
                 </em>
                 <strong>
                  Covid-19? Impressive.
                 </strong>
                 Check out
                 <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                  this useful case study
                 </a>
                 on how TentCraft used ZoomInfo to pivot their B2B sales strategy and rake in the big bucks in a down year.*
                </p>
               </div>
              </td>
             </tr>
             <tr>
              <td>
               <div class="statements" style="font-family: sans-serif; font-size: 15px; padding: 0px 2px;">
                <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 12px;">
                </p>
                <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 12px;">
                 <strong>
                  A group of top surgeons walks into a room full of robotics experts.
                 </strong>
                 This isn’t a joke -- it’s Monogram, and all those bright minds are the future of custom 3D printed joint replacements.
                 <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                  Invest in their Series B round here.
                 </a>
                 *
                </p>
               </div>
              </td>
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              <td>
               <div class="statements" style="font-family: sans-serif; font-size: 15px; padding: 0px 2px;">
                <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 12px;">
                </p>
                <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 12px;">
                 <strong>
                  IF YOU NEED A VALENTINE’S DAY GIFT BUT LIKE NOT A SAPPY ONE
                 </strong>
                 <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                  TRY THIS BEEF JERKY FLOWER BOUQUET.
                 </a>
                 SORRY FOR YELLING BUT WE HAVEN’T EATEN ALL DAY AND WE’RE A LITTLE EXCITED OKAY??
                </p>
               </div>
              </td>
             </tr>
             <tr>
              <td>
               <div class="statements" style="font-family: sans-serif; font-size: 15px; padding: 0px 2px;">
                <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 12px;">
                </p>
                <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 12px;">
                 <strong>
                  Ditch your dad wallet.
                 </strong>
                 <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                  The Ridge
                 </a>
                 wallets are slim, minimalist, and built to last forever… plus, they just look dope AF. Use code HUSTLE to get 10% off.*
                </p>
               </div>
              </td>
             </tr>
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              <td>
               <p style="font-family: arial, sans-serif; font-size: 12px; line-height: 120%; margin: 0px; padding: 0px 2px;">
                *This is a sponsored post.
               </p>
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            TRENDS
           </td>
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          <tr id="image">
           <td class="h2020 ignore-defaults" style="padding: 0px 3px;">
            <center>
             <a style="color: #d62829; text-decoration: none;">
              <img src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fnewsletter.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l9ohI:CELTZJydsxkSxQOSnYccofHiT1skc5MhbSyJyUgquO0" style="height: auto; max-width: 600px; padding: 15px 0 0; width: 100%;" width="600"/>
             </a>
            </center>
           </td>
          </tr>
          <tr id="bottom ad copy">
           <td class="h2020 ignore-defaults" style="padding: 0px 3px;">
            <h2 style="font-size: 20px; font-weight: 800; letter-spacing: 0px; line-height: 24px; margin: 20px 0 0px;">
             <strong>
              20k subscribers for $200...
             </strong>
            </h2>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Last year, Trends analysts interviewed Harry Dry.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Harry grew his newsletter, Marketing Examples, from
             <strong>
              0 to 20k subscribers in under a year.
             </strong>
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             More impressively, he only spent around
             <em>
              <strong>
               two hundred bucks
              </strong>
             </em>
             to do so.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             (He also once used a billboard campaign to meet Kanye West and pitch him on his business ideas, but that’s another story)
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Harry walked us through his journey to 20k subs and the practices he used to grow his following.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             So, we published the whole interview and outlined all of Harry’s best tips in one of our most popular articles to date.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             When you read through, you’ll learn:
            </p>
            <ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Harry’s first steps to getting his newsletter off the ground
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Growth best practices to get
              <strong>
               your first 20k subscribers
              </strong>
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              How to use Twitter to grow your newsletter
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              How to find sponsors and monetize quickly
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              And much more.
             </li>
            </ul>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             If you’re not already a member of Trends,
             <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
              <strong>
               sign up today for a $1 trial to get access to the full report.
              </strong>
             </a>
            </p>
           </td>
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           <td align="center" style="padding: 10px 0px 15px; text-align: center;">
            <a style="-webkit-text-fill-color: #ffffff; background: #D62829; border-radius: 15px; color: #ffffff; font-size: 16px; font-weight: bold; padding: 6px 20px; text-decoration: none;" target="_blank">
             Get the full report →
            </a>
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           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 5px;">
           </td>
          </tr>
          <tr style="display: block; padding: 10px 2px 0px;">
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #D62829; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; padding: 0px 0px 10px; text-transform: uppercase;">
               Valuation of the day
              </td>
             </tr>
             <tr>
              <td align="center" style="padding: 0 0 6px; text-align: center;">
               <img alt="Reddit Super Bowl Ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FReddit-Super-Bowl-ad.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l9ohI:CELTZJydsxkSxQOSnYccofHiT1skc5MhbSyJyUgquO0" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
              </td>
             </tr>
             <tr>
              <td>
               <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 4px 5px 10px;">
                The 5-second Reddit Super Bowl ad that you have to pause to read (Source: Twitter)
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 3px 0px;">
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 3px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Reddit won major praise for its 5-sec Super Bowl ad.
                </strong>
                The short ad was a headnod to the whole GameStop drama, which was
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 catalyzed
                </a>
                by the subreddit r/WallStreetBets and its passionate members.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                On the heels of this marketing coup, Reddit announced a $250m funding round that valued the social media startup at $6B (double its most recent valuation round of $3B).
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Reddit’s CEO told the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  Wall Street Journal
                 </em>
                </a>
                that it was a “good market” to fundraise in, especially with Reddit posting big ad numbers (up 90% YoY in its last quarter).
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Did Reddit just turn a $1m ad spend into a $3B valuation bump? Probably not, but whatever.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The funding documents aren’t public, but here’s our guess at what the “sum-of-parts” valuation for Reddit looks like:
               </p>
              </td>
             </tr>
             <tr>
              <td align="center" style="padding: 5px 0px 6px; text-align: center;">
               <img src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fvaluation.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l9ohI:CELTZJydsxkSxQOSnYccofHiT1skc5MhbSyJyUgquO0" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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                  SHARE THE HUSTLE
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                   Over the years, we’ve learned…
                   <em>
                    secrets.
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                  <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 0px; padding-bottom: 10px;">
                   The business secrets, tips, and tricks that have helped founders go from zero to millions -- and even
                   <em>
                    billions
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                   -- of dollars.
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                   Want to see ‘em? Just refer 3 more friends to The Hustle and we’ll send you our curated set of interviews with founders from brands like Zola, AWAY, Vungle, Bonobos, and more.
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                  <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 0px; padding-bottom: 10px;">
                   Here’s a message you can use to share with your friends:
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                  Hey! Do you read The Hustle? It’s the best daily business newsletter out there -- only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free:
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                   <em>
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                    .
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            , and
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            .
            <br/>
            Editing by: Brad “Financial engineering” Wolverton, Emile Initself (Tom's Beard Cleaner).
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