This is Nick. This is Jack. And we have the happiest (& hottest) country on earth —  Finland. Data shows that Finland’s happiness is tied to the over 3 million saunas in the land of Santa Claus. That’s 1 sauna for every 2 Finnish citizens. The capital, Helsinki, has 60 public saunas alone — that’s 30x more saunas than it has Starbucks. Sweat > Caffeine…

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1) Toyota Made Hybrid Happen

Toyota stock is approaching an all-time high — It’s thanks to 1 major bet made 25 years ago.

Let’s check: The Car Stock Scoreboard

• Ford’s down, GM’s down, and Volkswagen’s down. Even Tesla’s down nearly 50% from its ATH.

The thing is: They all invested big in EVs, but EV sales growth is slowing (Remember: Premature Electrification). One example, Ford, announced last week it’s cutting production of their electric F-150 pickup truck. But it’s different for 1 car company, whose stock is close to an ATH...

It’s Toyota: up nearly 50% since the start of 2023.

• What could it be? Going Hybrid.

• First came the Prius in 1997 which set an unsexy precedent for hybrids. 

• But today: Toyota has 13 hybrid models, from sedans to SUVs to pickups. And they’re 12/10s — the Hybrid Rav 4 has a waitlist in some places (hit us up if ya know a guy). As for purely electric, there’s just one Toyota model. A bold strategy. 

• But it’s working: The US bought 640k Toyota hybrids last year. That’s about the same amount as Tesla’s US sales.

The Takeaway →

Americans are EV curious, but first they need training wheels. A year ago Toyota was getting roasted for being a non-EV-believer, since they only had 1 true EV for sale. Americans did buy a record 1.2M EVs last year (including Nick & Jack)… but car companies expected more. As a country it looks like we’re just not ready to commit to such a drastic switch. That’s where plugin Hybrids come in. Drivers get comfortable with charging and driving electric, but without the anxiety of running out of battery (thanks to the gas-powered backup). Hybrids are the training wheels helping gradually electrifying Americans. And Toyota’s #1 in them.

2) An Inside Look at Harbibo’s Gummi Strategy  

Haribo Gummies just gave Bloomberg journalists a rare look into the business. If you’re a dentist or a dental hygienist — scroll past this story.

Trivia/Treats to bring to the dinner table: 

• 🐻 The gummy bear: Haribo invented the iconic candy 102 yrs ago, and it’s still privately owned by the same German family (so we don’t have its financials). It’s a serious business. 

• 🐻 Today: The co. sells 1K varieties, in 120 countries. 

• 🐻 For perspective: Annual production of Haribo’s GoldBears could wrap around the world 10x. 

• 🐻 Fact: While Mars and Hershey sell more candy in the US, Haribo sells the most globally, making it the biggest confectionery brand on Earth (Acc. to Bloomberg).

But here’s what shocked us: “We don’t like to change” — That’s a quote from Haribo’s COO. It’s been the company’s philosophy for 100+ years…With one exception: altering the gummy bear’s pose. For 40 years it was a dancing bear, now it’s just chubby. 

• What is new: In 2020, Haribo opened its 1st US factory in Pleasant Prairie, WI. And, yes, it has the same layout and equipment as all the other 15 factories Haribo runs.

• The only thing different are some regional flavors — Sweden likes licorice, Spain sweet peach, and US digs sour. 😝

The Takeaway →

When you chase fads, you run ‘outta gas. Netflix is Netflix cause it disrupted itself — pivoting from DVD to streaming. Blockbuster sank because it didn’t evolve to the new era the world was entering. Adapting is important if you want to survive. So when Haribo says it “doesn’t change,” what it really means is it won’t change who it is. It won’t chase taste fads when it has a 102 year winning recipe. That’s focus.

On the pod today…

🗞️ The 3 iconic newspapers bought by billionaires (TIME Mag, The Washington Post, and The LA Times) are still losing $$. To hear about journalism’s hunt for a new business model, listen to today’s episode.

Here’s what else you need to know today —

🦜 Reddit is looking to to go public with an IPO as early as March — it would be the 1st social media IPO since Pinterest in 2019. 

🏠 Mortgage rates just hit their lowest level since May. The 30-year mortgage is under 7% now (historically high, but lower than it’s been) which could jump-start the housing market. 

⬆️ Japan Airlines named a new company president, Mitsuku Totori — She started in 1985 as a flight attendant.

🏈 Detroit’s economy is benefiting from the Lions NFL playoff run. Projected spend on game day for the city is $20M — right on par with a T-Swift concert. They’ll play the San Francisco 49ers for the NFC Championship this Sunday, while the Kansas City Chiefs take on the Baltimore Ravens for the AFC crown. 

❌ Sports Illustrated's Publisher, Arena Group, laid off the majority of its staff on Friday after missing a $3.75M payment. Sports Illustrated responded saying it will continue to publish the iconic sports mag. 

🚘 No more witty road signs, say the Feds.

And one more thing. What makes you happier, Starbucks or a schvitz?

—Nick & Jack