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            PLUS: Who are the (non-alcoholic) beverage billionaires?
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                  September 17, 2020
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                  TOGETHER WITH
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                  <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 10px;">
                   Snowflake held its IPO yesterday. Shares more than doubled and, with a market value of $70B+, it was the largest software IPO ever. The data warehousing firm is now worth &gt;5x its last private round.
                  </p>
                  <p style="font-size: 16px; line-height: 20px; margin: 0px; padding-bottom: 10px;">
                   Some people think Warren Buffett’s seal of approval drove the opening day pop. We think it’s because Snowflake has the best ticker out there: $SNOW just leapfrogged Slack ($WORK), Southwest Airlines ($LUV) and DMC Global ($BOOM) as our fave.
                   <em>
                    (*Not investment advice)
                   </em>
                  </p>
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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 Big Idea
              </td>
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                How much bigger can digital fitness get?
               </h2>
              </td>
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Digital fitness (AKA workout-from-home) is on a bit of a run right now (get it?):
               </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>
                  Peloton
                 </strong>
                 ’s Q4 earnings
                 <a style="color: #d62829; text-decoration: none;">
                  showed
                 </a>
                 a 172% YoY jump in revenue, and its connected subscribers were up 113% YoY.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Apple
                 </strong>
                 just
                 <a style="color: #d62829; text-decoration: none;">
                  announced
                 </a>
                 its virtual fitness product (Fitness Plus), available to the 1B+ Apple devices out there.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Lululemon
                 </strong>
                 has already
                 <a style="color: #d62829; text-decoration: none;">
                  upped
                 </a>
                 its projected revenue for Mirror from $100m to $150m.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Zwift
                 </strong>
                 , an indoor training app,
                 <a style="color: #d62829; text-decoration: none;">
                  reached
                 </a>
                 unicorn status yesterday after a $450m funding round.
                </li>
               </ul>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 The pandemic has exploded the market for digital fitness
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                There are 62m gym memberships in the US and 183m globally, according to a 2019
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 report
                </a>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                But many people shifted to online workouts during the pandemic, and  gyms have been slow to reopen.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Many notable gym brands have filed for bankruptcy in recent months, according to
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 PETITION
                </a>
                : Gold’s Gym, 24-Hour Fitness, SNFW Fitness (Steve Nash’s), Town Sports International (New York Sports Club). They posit that high-end
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Equinox
                </a>
                could be next.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Will the changing behavior be for good?
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Data from
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Thinknum
                </a>
                shows this might be the case.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While 46 states have re-opened gyms, Facebook location mentions have “remained utterly stagnant for gyms.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Thinknum flags one outlier -- Planet Fitness, which has tons of locations and is cheap. In a post-COVID world, gym-goers may make in-person gyms a small convenience expense rather than a lifestyle commitment.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Peloton is bullish on its opportunity
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                CEO John Foley recently told
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 CNBC
                </a>
                that $PTON (not a good ticker) could have 100m subscribers one day.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Today, Peloton has 3.1m total subscribers (connected bike + digital only) and is worth $24B. All things equal, a ~30x increase in its user base would make the firm worth hundreds of billions of dollars.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                That’s probably a
                <em>
                 bit
                </em>
                aggressive but Foley lays out his case, including:
               </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;">
                 The fact that 35m US households have treadmills that are “not used”
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Geographic expansion, as Peloton is currently only in the US, Canada, the UK, and Germany
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Cheaper bikes and treadmills as well as rental programs
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 More digital subscription options (not tied to bike ownership)
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                So, to answer the question, “how much bigger can digital fitness get?”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                A
                <em>
                 lot
                </em>
                bigger.
               </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>
               Facebook said it’ll roll out its first smart glasses next year.
              </strong>
              But don’t call it an “AR device.” The
              <a style="color: #d62829; text-decoration: none;">
               eyewear
              </a>
              will be more like Snap Spectacles or Amazon Echo Frames.
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               On a semi-related note, the FTC might file
              </strong>
              an antitrust lawsuit against Facebook
              <a style="color: #d62829; text-decoration: none;">
               before the year is out
              </a>
              .
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               FedEx is trying out a
              </strong>
              <a style="color: #d62829; text-decoration: none;">
               <strong>
                Bluetooth tracker
               </strong>
              </a>
              that lets you see exactly where your most important shipments are.
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               The new entrant into the VC game is
              </strong>
              …
              <a style="color: #d62829; text-decoration: none;">
               The Chainsmokers
              </a>
              ? Its firm, called Mantis, has already raised $35m.
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               A T-rex skeleton nicknamed Stan
              </strong>
              is set to break records when it
              <a style="color: #d62829; text-decoration: none;">
               goes up for auction
              </a>
              next month, expected to fetch at least $8m+.
             </li>
            </ul>
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               Poker Face
              </td>
             </tr>
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               <a style="color: #d62829; text-decoration: none;">
                <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fcredit_card_20200917000039.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXMNC:L7nVEISZT0jZSmsnxrKRt9iOSPqDp8ZQ9g9qNm-vsXY" style="height: auto; width: 100%;"/>
               </a>
              </td>
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              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                Can you build a business around internet pranks?
               </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;">
                A new game via the company MSCHF is hitting the internet next month -- and it involves a ton of free cash. Dubbed
                <strong>
                 Card v. Card
                </strong>
                , it
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 works like so
                </a>
                :
               </p>
               <ol style="font-size: 16px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 A bunch of players get free debit cards in the mail that are all linked to the same MSCHF bank account.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 MSCHF drops money into the account; players rush to spend it.
                </li>
               </ol>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The strategy? You want to juice MSCHF for as much as you can. But if you shell out too much and overextend the account, your card gets declined.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 What is the point of this?
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                MSCHF (pronounced“mischief”) is a Brooklyn-based “
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 ideas factory
                </a>
                ” focused on whipping up viral-ready products for the internet. Among its past drops:
               </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;">
                 $1.8k “
                 <a style="color: #d62829; text-decoration: none;">
                  Jesus Shoes
                 </a>
                 ” (Nikes filled with holy water)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 A weed pipe
                 <a style="color: #d62829; text-decoration: none;">
                  fashioned
                 </a>
                 to look like a rubber chicken
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 A dog collar that morphs barks into swear words
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The company -- which aims to be something like Banksy for the internet -- has reportedly raised
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 $11.5m
                </a>
                .
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 How can I play?
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Card v. Card is expected to run off and on for several months.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The company isn’t publicizing how much money it’s giving away, but its growth head Daniel Greenberg told
                <em>
                 The Hustle
                </em>
                that it’s in the “deep 5 figures.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Intrigued? You can join the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 waitlist here
                </a>
                .
               </p>
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            <h2 style="font-size: 20px; font-weight: 800; letter-spacing: 0px; line-height: 24px; margin: 20px 0 0px;">
             <strong>
              The “Netflix of wine” just hit $232M in lifetime revenue
             </strong>
            </h2>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
              Want in on the first data-driven winery? For a limited time, you can Invest in Winc right here.
             </a>
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             On the back of the recent quarantine boom, the e-comm alcohol sales industry is set to hit $13.4B by 2024 -- with wine leading the way.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             At-home delivery and data-based personalization are two of the new norms… both of which
             <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
              Winc
             </a>
             , the first-ever data-driven winery, has mastered.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Just take a look at the cold, hard numbers 📈
            </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>
               +23%:
              </strong>
              How much investments in Winc have appreciated since their last fundraising round.
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               $232 million:
              </strong>
              Lifetime revenue at the close of Q2.
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               137,745:
              </strong>
              New customers acquired from March to June alone.
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               4.1 million:
              </strong>
              Number of wine ratings, allowing personalization through data that maximizes customer engagement and retention.
             </li>
            </ul>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             (In fact, they’re doing
             <em>
              so
             </em>
             good, they even up and launched a new
             <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
              clean wine company for healthy living
             </a>
             -- and it’s already profitable.)
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Just like Netflix stock, Winc is on it’s way up. All that’s left to do is invest:
            </p>
           </td>
          </tr>
          <tr>
           <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;">
             Invest in Winc →
            </a>
           </td>
          </tr>
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           <td style="border-bottom-color: #dddddd; border-bottom-style: solid; border-bottom-width: 1px; padding-top: 5px;">
           </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;">
               Stonks
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 6px;">
               <a style="color: #d62829; text-decoration: none;">
                <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252FNikola_truck_20200917000248.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXMNC:L7nVEISZT0jZSmsnxrKRt9iOSPqDp8ZQ9g9qNm-vsXY" style="height: auto; width: 100%;"/>
               </a>
              </td>
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             <tr>
              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                Are Nikola’s electric semi trucks bullshit?
               </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;">
                The financial forensics firm Hindenburg Research recently released a scathing
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 67-page report
                </a>
                (and
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 follow up
                </a>
                ) accusing the electric semi-truck unicorn
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Nikola Motor Company
                </a>
                of being an “intricate fraud built on dozens of lies.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Here are a few of the greatest hits from the report, along with our verdict:
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Strike #1:
                </strong>
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Nikola is super dependent on GM
                </a>
                .
               </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>
                  Explanation:
                 </strong>
                 Per a deal between the companies, GM will handle all engineering, validation, and manufacturing of Nikola’s Badger truck and fuel cells. In return, Nikola will pay GM a cool $700m, plus an 11% stake in the company.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Verdict:
                 </strong>
                 If a partner bailing means you can no longer create your product, did you ~really~ ever have a product? If so, we have a bridge in Brooklyn to sell you.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Strike #2:
                </strong>
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Its truck isn’t quite fully functional
                </a>
                .
               </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>
                  Explanation:
                 </strong>
                 In 2018, Nikola released a
                 <a style="color: #d62829; text-decoration: none;">
                  video
                 </a>
                 supposedly showing a fully operational truck in motion. Turns out, it was just rolling down a hill.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Verdict:
                 </strong>
                 OK, so the car company… made a vehicle… that can’t actually move on its own? Sounds even less sophisticated than our soapbox derby car (funding:
                 <em>
                  zero
                 </em>
                 dollars).
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Strike #3:
                </strong>
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 The SEC and DOJ are on the company’s tail
                </a>
                .
               </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>
                  Explanation:
                 </strong>
                 Both government agencies are now said to be investigating Nikola for having “misled investors about its tech.”
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Verdict:
                 </strong>
                 Getting accused of fraud online = your friends singing “
                 <em>
                  oooh, you’re in trooouble
                 </em>
                 .” Getting investigated by the SEC and DOJ in real life = your parents telling you to sit your ass down on the couch and start explaining.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Final Verdict:
                </strong>
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Book ‘em, Danno
                </a>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <em>
                 (To be thorough, Nikola’s shares actually
                </em>
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  rallied
                 </em>
                </a>
                <em>
                 today after a JPMorgan analyst defended the EV firm).
                </em>
               </p>
              </td>
             </tr>
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                   </a>
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                   <a data-tags="share site" style="color: #d62829; padding: 0 8px; text-decoration: none; white-space: nowrap;">
                    <img alt="View on our website" height="30" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fweb_20200824020101.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXMNC:L7nVEISZT0jZSmsnxrKRt9iOSPqDp8ZQ9g9qNm-vsXY" width="30"/>
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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;">
               Three Comma Club
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 6px;">
               <a style="color: #d62829; text-decoration: none;">
                <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fbeverages_20200917000639.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXMNC:L7nVEISZT0jZSmsnxrKRt9iOSPqDp8ZQ9g9qNm-vsXY" style="height: auto; width: 100%;"/>
               </a>
              </td>
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             <tr>
              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 3px 0px;">
                Who are the (non-alcoholic) beverage billionaires?
               </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;">
                A Chinese water company (Nongfu Springs) went
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 public
                </a>
                last week in Hong Kong and -- after a strong IPO -- its founder was momentarily China’s richest person.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Zhong Shanshan
                </a>
                owns more than 80% of Nongfu Springs and, as of yesterday, was worth $52B (No. 2 in China, No. 21 in the world). Either way, #SoManyCommas.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 China’s bottled water market is growing rapidly
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                According to
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  The Economist
                 </em>
                </a>
                , China has seen average annual consumption of bottled water increase from 41 liters in 2014 to 59 liters in 2019.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                This still lags America (141 liters) and -- as most tap water in China is undrinkable -- means the market could be bigger.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Rising incomes also boost the thirst for bottled water. Nongfu currently has access to China’s top 10 fresh water spots and supplies 29% of the market.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Shanshan isn’t the only Chinese beverage billionaire
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                When you filter
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  Forbes
                 </em>
                </a>
                <em>
                 ’
                </em>
                billionaire list for “beverages,” here are the names minting serious moolah from non-alcoholic drinks:
               </p>
              </td>
             </tr>
             <tr>
              <td style="padding: 0px 0px 6px;">
               <a style="color: #d62829; text-decoration: none;">
                <img src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fbillionaires_20200917000754.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXMNC:L7nVEISZT0jZSmsnxrKRt9iOSPqDp8ZQ9g9qNm-vsXY" style="height: auto; width: 100%;" width="600"/>
               </a>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 3px 0px;">
               <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;">
                 <a style="color: #d62829; text-decoration: none;">
                  <strong>
                   Zhong Shanshan
                  </strong>
                 </a>
                 (Nongfu Springs, China) = $52B (No. 21 richest person in the world)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <a style="color: #d62829; text-decoration: none;">
                  <strong>
                   Dietrich Mateschitz
                  </strong>
                 </a>
                 (Red Bull, Austria) = $27.5B (No. 45)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <a style="color: #d62829; text-decoration: none;">
                  <strong>
                   Xu Shihui
                  </strong>
                 </a>
                 (Dali Food, China) = $8.9B (No. 216)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <a style="color: #d62829; text-decoration: none;">
                  <strong>
                   Zong Qinghou
                  </strong>
                 </a>
                 (Hangzhou Wahaha Group, China) = $8.6B (No. 228)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <a style="color: #d62829; text-decoration: none;">
                  <strong>
                   Tsai Eng-meng
                  </strong>
                 </a>
                 (Want Want China, Taiwan) = $5.5B (No. 415)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <a style="color: #d62829; text-decoration: none;">
                  <strong>
                   Don Vultaggio
                  </strong>
                 </a>
                 (Arizona Beverages, USA) = $3.8B (No. 674)
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                We can’t speak for the Chinese drinks. But fair warning to anyone with the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 plums
                </a>
                to combine Red Bull and Arizona Tall Boy Ice Tea Cans: don’t do it.
               </p>
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              <td>
               <table cellpadding="0" style="padding: 10px 10px 0px; width: 100%;">
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                   </a>
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                   </a>
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                    <img alt="View on our website" height="30" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fweb_20200824020101.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXMNC:L7nVEISZT0jZSmsnxrKRt9iOSPqDp8ZQ9g9qNm-vsXY" width="30"/>
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              <td style="color: #D62829; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; padding: 10px 3px 0px; text-transform: uppercase;">
               SPONSORED
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               <h2 style="font-size: 20px; font-weight: 800; letter-spacing: 0px; line-height: 24px; margin: 20px 0 0px;">
                <strong>
                 One ecomm company is helping D2C brands  win big on Cyber Monday
                </strong>
               </h2>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <em>
                 WHOPPER ALERT:
                </em>
                Cyber Monday sales hit $9.4 billion in 2019.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Pro:
                </strong>
                That’s a dream for revenue
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Con:
                </strong>
                ...but a nightmare when it comes to
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                 tracking and protecting those
                </a>
                orders.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Lost, stolen and damaged packages cost companies big. Set your brand up for success this holiday season by mitigating risk and giving your customers a
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 transparent post-purchase experience
                </a>
                that checks everything off their wish list.
               </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;">
                 It’s free and installs in minutes
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 It protects your bottom line from shipping loss
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 It delights customers throughout their entire buying journey
                </li>
               </ul>
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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;">
                Try Route here →
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            JOBS
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            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
             <a style="color: #d62829; text-decoration: none;">
              <strong>
               Account Executive,
              </strong>
              <em>
               <strong>
                Chartable
               </strong>
              </em>
             </a>
             <strong>
              :
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The pod(cast) people are looking for a smooth talker to bring in new clients.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
             <a style="color: #d62829; text-decoration: none;">
              <strong>
               Editorial Marketer,
              </strong>
              <em>
               <strong>
                Second Measure
               </strong>
              </em>
             </a>
             <strong>
              :
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Can you make data stories sing? Join this merry band.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
             <a style="color: #d62829; text-decoration: none;">
              <strong>
               Head of Product Marketing,
              </strong>
              <em>
               <strong>
                Snowplow Analytics
               </strong>
              </em>
             </a>
             <strong>
              :
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Growing startup seeks nimble marketer to speak to technical audiences.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
             <a style="color: #d62829; text-decoration: none;">
              <strong>
               Enterprise Account Executive,
              </strong>
              <em>
               <strong>
                Qualified
               </strong>
              </em>
             </a>
             <strong>
              :
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             If you’ve got a background in B2B SaaS sales, get your butt to this posting.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
             <a style="color: #d62829; text-decoration: none;">
              <strong>
               Account Executive,
              </strong>
              <em>
               <strong>
                Prelim
               </strong>
              </em>
             </a>
             <strong>
              :
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Up to the challenge of bringing bankers into the digital age? Check this out.
            </p>
           </td>
          </tr>
          <tr>
           <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;">
             See more →
            </a>
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                  SHARE THE HUSTLE
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                   <strong>
                    GIVEAWAY:
                   </strong>
                   Share The Hustle for a chance to win a pair of AirPods Pro
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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. They're running a giveaway today so if you sign up using my link, we're both entered to win a pair of AirPods Pro. Sign up here, it’s free: https://thehustle.co/?ref=950fce10a7
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            Today's email was brought to you by Michael Waters, Caroline Dohack, and Trung Phan.
            <br/>
            Editing by: Zachary "Breaking a sweat" Crockett, Cy Gazunt (Toastmaster).
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