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Masatoshi Ito:
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Quick clip:
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Sky-high rent vs. debt and a mortgage.
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PF Chang’s Platinum?
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Restaurants get in on subscriptions.
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<h2 class="brief-title" style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif;font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
7-Eleven in Japan dials convenience up to... well, eleven.
</h2>
<div class="preview-text" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
Masatoshi Ito, who helped grow Japan’s 7-Eleven empire, has died at 98.
</div>
<div class="campaign-date" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
2023-03-16T00:00:00Z
</div>
<div class="author-name" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
Juliet Bennett Ryla
</div>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults brief-body" style="padding: 5px 0px 0px;">
<p style="font-size:16px;line-height: 140%; margin: 5px 0px 10px;">
Japanese entrepreneur Masatoshi Ito died last week at 98. If you’ve ever been to Japan and marveled at its awe-inspiring 7-Elevens, you owe thanks, in part, to Ito.
</p>
<p style="font-size:16px;line-height: 140%; margin: 5px 0px 10px;">
In the US, 7-Eleven had sprung from the 1927
<a style="color: #192733; text-decoration: underline !important;">
merger
</a>
of several Texas icehouses, known as the Southland Ice Company. They ultimately became a chain of convenience stores, open from 7am to 11pm daily.
</p>
<p style="font-size:16px; line-height:140%; margin: 5px 0px 10px;">
<strong>
Masatoshi Ito…
</strong>
</p>
<p style="font-size: 16px; line-height:140%; margin: 5px 0px 10px;">
… entered retail as the president of his family’s clothing store. In the ‘60s, he launched Ito-Yokado, a Japanese grocery chain inspired by US supermarkets.
</p>
<p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
In the 1970s, Ito-Yokado exec
<a style="color: #192733; text-decoration: underline !important;">
Toshifumi Suzuki
</a>
was attempting to secure a Denny’s license, but was wowed by 7-Eleven. Japan didn’t have anything like it, and he persuaded Ito to also become a 7-Eleven licensee.
</p>
<p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
<strong>
Ito-Yokado opened its first 7-Eleven in 1974 in Tokyo…
</strong>
</p>
<p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
… leading to a
<a style="color: #192733; text-decoration: underline !important;">
massive boom
</a>
in 24/7 convenience stores, AKA “
<a style="color:#192733; text-decoration: underline !important;">
konbini
</a>
.” By the ‘80s, Ito-Yokado’s empire — which included 4k+ 7-Elevens across Japan — was generating
<strong>
$12B
</strong>
in annual sales,
<a style="color:#192733; text-decoration: underline !important;">
per
</a>
<em>
The New York Times
</em>
.
</p>
<ul style="font-size:16px;line-height:20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
<li style="font-size:16px; line-height:140%; margin: 0 0 0 15px; padding: 0px 0px 10px">
In 1991, Ito-Yokado purchased a 70% stake in the floundering Southland for $430m.
</li>
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px;">
In 1992, Ito stepped down amid accusations that the company had paid off Japanese racketeers and was replaced by Suzuki. Ito returned as honorary chairman in the late ‘90s, a position he held until his death.
</li>
</ul>
<h4 style="font-size:17px;height:100%; letter-spacing: 0px; line-height:22px; padding-top: 8px; margin: 0px;">
<strong>
But why are Japanese 7-Elevens so good?
</strong>
</h4>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
The konbini has become a place you
<em>
want
</em>
to go. They have:
</p>
<ul style="font-size:16px;line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px 0px 10px">
Huge selections of delicious and fresh prepared foods, snacks, and beverages
</li>
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px 0px 10px">
Banking, mail, travel, and other handy services
</li>
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px;">
Many have communal seating
</li>
</ul>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
Today, Ito-Yokado is known as Seven & I Holdings, and operates 80k+ 7-Eleven stores globally, including 21k+ in Japan.
</p>
</td>
</tr>
<tr>
<td>
<table cellpadding="0" style="width:100%; padding: 10px 10px 0px;">
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<td style="color:#bF2434;font-size:16px;font-weight:bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 0px;">
TRENDING
</td>
</tr>
<tr style="padding-top: 10px;">
<td bgcolor="#EAF0F6" style="background-color: #EAF0F6; border-radius: 10px; padding: 5px;">
<table>
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<img alt="eyeball wearing a hat" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fwhats-trending-icon.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1pcktf:ku3axcSoU5XGysQCd747G-U-P1Z380aoxjGBw6A-x1g" style="width: 70px; height: auto;" width="70"/>
</td>
<td class="dark-bg h2020 ignore-defaults" style="font-size:16px; padding: 5px 3px;">
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
<strong>
OK, this looks incredible:
</strong>
Check out
<a style="color:#192733; text-decoration: underline !important;">
the trailer
</a>
for
<em>
BlackBerry
</em>
, an upcoming movie about “the meteoric rise and catastrophic demise of the world’s first smartphone.” God, those buttons were satisfying.
</p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td style="border-bottom-color: #eaf0f6;border-bottom-style:solid; border-bottom-width:1px;padding-top:15px">
</td>
</tr>
<tr>
<td style="padding-bottom:5px">
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td style="width:100%">
<table style="width:100%">
<tr>
<td style="color: #bf2434; font-size:16px;font-weight: bold; letter-spacing: 1.5px; padding: 10px 3px 0px;">
SNIPPETS
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults dynamic-snippets" style="font-size:15px;line-height:160%; margin: 0; padding: 15px 0px 3px 3px;">
<p style="font-size: 16px;line-height:140%; margin: 5px 0px 10px;">
<strong>
Minted:
</strong>
T-Mobile is
<a style="color:#192733; text-decoration: underline !important;">
buying
</a>
Ka’ena Corp., the parent company of Ryan Reynolds-backed Mint Mobile, in a $1.35B deal.
</p>
<p style="font-size:16px;line-height: 140%; margin: 5px 0px 10px;">
<strong>
Not ideal:
</strong>
In 2022, Americans potentially lost
<a style="color: #192733; text-decoration: underline !important;">
$10.2B+
</a>
to cyber incidents, up from $6.9B in 2021, across 800k+ internet crime complaints.
</p>
<p style="font-size:16px;line-height: 140%; margin: 5px 0px 10px;">
<strong>
In digestion:
</strong>
Kellogg’s snacks division — home to Pringles and Cheez-It — will be spun off this year with a
<a style="color:#192733; text-decoration: underline !important;">
new name
</a>
: Kellanova. The cereal side’s new name carries a little less snap, crackle, and pop: WK Kellogg Co.
</p>
<p style="font-size:16px; line-height:140%; margin: 5px 0px 10px;">
<strong>
Trending up-ish:
</strong>
The volume of US mortgage applications
<a style="color: #192733; text-decoration: underline !important;">
increased
</a>
last week for a second straight week, up 6.3%, though still down ~40% YoY.
</p>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
<strong>
For those keeping track:
</strong>
Shunning antitrust efforts, the biggest railroad merger in decades is
<a style="color:#192733; text-decoration: underline !important;">
moving forward
</a>
. Canadian Pacific and Kansas City Southern seek to combine for a “NAFTA super railway” connecting western Canada to Mexico’s Gulf Coast.
</p>
<p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
<strong>
Ouch:
</strong>
Argentina’s inflation rate hit
<a style="color:#192733; text-decoration: underline !important;">
102.5%
</a>
in February, meaning consumer goods have more than doubled in price since 2022.
</p>
<p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
<strong>
Samsung
</strong>
will
<a style="color:#192733; text-decoration: underline !important;">
invest
</a>
$230B to build a massive computer chip factory near Seoul, thrilling the South Korean economy but disappointing snackers who clicked on “world’s largest chip” headlines.
</p>
<p style="font-size: 16px;line-height:140%; margin: 5px 0px 10px;">
<strong>
More EV chargers
</strong>
are
<a style="color:#192733; text-decoration: underline !important;">
on the way
</a>
— local governments across the US can now apply for a slice of $2.5B in federal grants.
</p>
<p style="font-size: 16px; line-height:140%; margin: 5px 0px 10px;">
<strong>
Taxing brackets:
</strong>
March Madness tips off in earnest today with 32 teams’ fates in the balance. Also in the air: the
<a style="color: #192733; text-decoration: underline !important;">
estimated
</a>
$15.5B in bets on this year’s NCAA men’s tournament.
</p>
<p style="font-size: 16px;line-height:140%; margin: 5px 0px 10px;">
<strong>
Some more:
</strong>
Zipline’s new
<a style="color:#192733; text-decoration: underline !important;">
delivery drone
</a>
inside a delivery drone, and NASA and Axiom’s new
<a style="color: #192733; text-decoration: underline !important;">
spacesuit
</a>
.
</p>
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</td>
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</td>
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<tr>
<td style="color: #bf2434; font-size:16px;font-weight:bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 0px;">
FROM THE BLOG
</td>
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<tr style="padding-top: 10px;">
<td>
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<tr>
<td class="dark-bg h2020 ignore-defaults" style="font-size: 16px; padding: 5px;">
<img alt="laptop" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Flaptop_icon.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1pcktf:ku3axcSoU5XGysQCd747G-U-P1Z380aoxjGBw6A-x1g" style="width: 80px; height: auto;" width="80"/>
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<td class="dark-bg h2020 ignore-defaults" style="font-size: 16px; padding: 5px 3px 0px;">
<p style="font-size:16px; line-height:140%; margin: 5px 0px 10px;">
There are countless founder success stories out there, but very few about the more likely outcome: failure. One founder lets us in on how his project management app
<a style="color: #192733; text-decoration: underline !important;">
went south
</a>
.
</p>
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</table>
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</table>
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<td style="padding-bottom: 5px;">
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<table style="width:100%">
<tr>
<td style="color: #bf2434;font-size: 16px; font-weight:bold; letter-spacing: 1.5px;padding: 0px 0px 10px;">
PSSST
</td>
</tr>
<tr>
<td style="padding: 0 0 1px;">
<a style="color:#192733; text-decoration: underline !important;">
<img alt="Why It's So Hard To Buy A House Right Now" class="featured-image" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fhds_logo.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1pcktf:ku3axcSoU5XGysQCd747G-U-P1Z380aoxjGBw6A-x1g" style="height: auto; width: 100%; max-width: 600px;" width="600"/>
</a>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults brief-body" style="padding: 5px 0px 0px;">
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px">
<strong>
From the pod:
</strong>
Catch this superquick video snippet from a conversation Zack and Rob had with Morgan Housel, author of
<em>
The Psychology of Money
</em>
, about why it’s so hard to buy a house right now.
</p>
</td>
</tr>
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<!--[if mso]><i style="letter-spacing:25px;mso-font-width: -100%; mso-text-raise:30pt;"> </i><![endif]-->
<span style="mso-text-raise:15pt">
Watch the clip. →
</span>
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<tr>
<td style="color: #bF2434;font-size:16px;font-weight:bold; letter-spacing: 1.5px;text-transform: uppercase; padding: 10px 3px 0px;">
Video
</td>
</tr>
<tr id="image">
<td class="h2020 ignore-defaults" style="padding: 0px 3px;">
<center>
<a style="color: #192733; text-decoration: underline !important;">
<img src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252F3-16-23.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1pcktf:ku3axcSoU5XGysQCd747G-U-P1Z380aoxjGBw6A-x1g" style="width:100%; max-width:600px; height:auto; padding: 15px 0 0;" width="600"/>
</a>
</center>
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<tr>
<td>
<h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif;font-size:22px;line-height:26px;font-weight:bold; margin: 10px 0px 5px;">
How to crush the executive summary
</h2>
</td>
</tr>
<tr id="bottom ad copy">
<td class="h2020 ignore-defaults" style="padding: 0px 3px;">
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px">
AKA the business plan intro, or About-page blurbs.
</p>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px">
It should be an attention-grabbing grandmaster. An absolute no-brainer. But conveying that unmistakably is often tougher than it looks.
</p>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px">
For tips on writing a brilliant beginning, watch this five-minute
<a style="color:#192733; text-decoration: underline !important;">
video
</a>
where Rimi explains a great way to sum up your business.
</p>
<h4 style="font-size:17px;height:100%; letter-spacing: 0px; line-height:22px; padding: 8px 0px 5px; margin: 0px;">
<strong>
How to summarize, executively:
</strong>
</h4>
<ul style="font-size:16px;line-height:20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
<li style="font-size:16px; line-height:140%; margin: 0 0 0 15px; padding: 0px;">
Tell your special story
</li>
<li style="font-size:16px; line-height:140%; margin: 0 0 0 15px; padding: 0px;">
Do ya homework
</li>
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px;">
Watch ya tone
</li>
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px;">
Mind visual flow
</li>
</ul>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
And whaddayaknow — a free template’s tucked in the description.
</p>
</td>
</tr>
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<td align="center" style="text-align: center; padding: 10px 0px 15px;">
<a style="background-color: #BF2434; font-size: 16px; font-family: 'Roboto', helvetica, sans-serif; font-weight: bold; text-decoration: none !important; color: #ffffff !important; -webkit-text-fill-color: #ffffff; border-radius:8px; display: inline-block; mso-padding-alt: 0; padding: 7px 20px;">
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<span style="mso-text-raise:15pt;">
Watch Now →
</span>
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</a>
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</tr>
</table>
</td>
</tr>
<tr>
<td style="border-bottom-color:#eaf0f6; 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: #bf2434;font-size:16px;font-weight:bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 0px 0px 10px;">
Appetite for Subscriptions
</td>
</tr>
<tr>
<td style="padding: 0 0 1px;">
<a style="color: #192733; text-decoration: underline !important;">
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<h2 class="brief-title" style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
Restaurants are hopping on the subscription bandwagon
</h2>
<div class="preview-text" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
Restaurants are serving up subscriptions.
</div>
<div class="campaign-date" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
2023-03-16T00:00:00Z
</div>
<div class="author-name" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
Sara Friedman
</div>
</td>
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<tr>
<td class="h2020 ignore-defaults brief-body" style="padding: 5px 0px 0px;">
<p style="font-size:16px; line-height:140%; margin: 5px 0px 10px">
You know what pairs really nicely with the $219 you spend on subscription fees each month? Some takeout from your favorite restaurant.
</p>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
Per the
<a style="color:#192733; text-decoration: underline !important;">
<em>
Associated Press
</em>
</a>
, restaurants want a piece of that sweet subscription model pie, with the average American hoarding 6.7 subscriptions in 2022, up from 4.2 in 2019.
</p>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
We’re talking serious dough here: A recent
<a style="color:#192733; text-decoration: underline !important;">
report
</a>
shows that, on average, Americans spend $200+/mo. on subscription fees.
</p>
<h4 style="font-size:17px;height:100%;letter-spacing: 0px; line-height:22px; padding: 8px 0px 5px; margin: 0px;">
<strong>
So restaurants are serving up plans:
</strong>
</h4>
<ul style="font-size:16px;line-height:20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
<li style="font-size:16px; line-height:140%; margin: 0 0 0 15px; padding: 0px 0px 10px">
PF Chang’s
<a style="color:#192733; text-decoration: underline !important;">
Platinum
</a>
subscription is $6.99/mo. and includes free delivery, priority reservations, and other perks.
</li>
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px 0px 10px">
Panera’s
<a style="color:#192733; text-decoration: underline !important;">
Unlimited Sip Club
</a>
is $11.99/mo. (or $119.99/yr.) for unlimited hot and cold drinks — plus, annual subscribers get free delivery.
</li>
<li style="font-size:16px;line-height:140%; margin: 0 0 0 15px; padding: 0px;">
Pret A Manger launched a
<a style="color:#192733; text-decoration: underline !important;">
coffee subscription
</a>
in 2020 that is now used 1.2m times per week.
</li>
</ul>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px">
For some brands, it’s working. Panera’s loyalty program had nearly 40m members in 2020, and its chief brand and concept officer said that subscription plan members now make up 25% of the chain’s transactions.
</p>
<h4 style="font-size:17px;height: 100%; letter-spacing: 0px; line-height:22px; padding-top: 8px; margin: 0px;">
<strong>
Not just for chains
</strong>
</h4>
<p style="font-size:16px;line-height:140%; margin: 5px 0px 10px;">
Some fine-dining establishments are getting in on the action as well.
<a style="color: #192733; text-decoration: underline !important;">
Gravitas
</a>
, a Michelin-starred restaurant in Washington, DC, offers a Supper Club subscription for $130/mo. that includes a three-course takeout meal for two. The club serves ~60 diners monthly.
</p>
<p style="font-size:16px; line-height:140%; margin: 5px 0px 10px">
Wake us up when Netflix can shoot snacks straight out of the TV, thanks.
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📕
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On this day:
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In 1850, Nathaniel Hawthorne’s
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🎺
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Haha:
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, according to experts.
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That’s interesting:
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Author Byron Preiss hid 12 treasures, leaving only puzzles to find them.
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This article
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follows treasure hunters in Milwaukee.
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🐦
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Aww:
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And now, just a man dancing with his
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bird
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.
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, and
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1 year, 9 months ago - news@thehustle.co
Plus: Rent vs. mortgage, how to go to bed, a mysterious treasure hunt, and more. View Online Betw...