January 22, 2025

The Appetizer

“Tropical fruits don’t belong on pizzas, and I suppose we wanted to make our stance clear … ”

• Francis Woolf, owner and chief fruit consultant at Lupa Pizza in England.

Now, on to the numbers. Drum roll, please …

• $122: The price of a pizza with pineapple topping that Lupa Pizza is charging to deter people from ordering it.
• 5%: The increase in spending on clothes and accessories this past holiday season, up from 2.4% in 2023, according to Visa
• 50%+: The increase in U.S. cottage cheese sales over the last five years, according to Circana.
• 7.5%: The decline in total tolling traffic to Manhattan in the first week of congestion pricing compared to the same time last year, roughly equivalent to 43,000 cars a day.
• 19.3%: The average tip given at full-service restaurants for the three months ending September 30, 2024, down from 19.9% in early 2021, according to Toast.

Dig In
First 100 Days

Donald J. Trump has officially taken the wheel, and he’s flooring it straight into a policy-packed first 100 days. His plans? Deregulation, tariffs, and a whole lot of executive orders. The new Department of Government Efficiency (DOGE) is looking to trim government fat. Co-head Vivek Ramaswamy might run for Ohio governor in 2026, leaving Elon Musk to steer the efficiency ship solo.

Deregulation is a key focus, with efforts to reduce government oversight and allow regulatory agencies to operate with a lighter touch. However, the administration is departing from traditional Republican views on free trade by proposing tariffs – up to 60% on Chinese imports, 25% on Canadian imports, and a baseline of 10%-20% on all imports. While these numbers sound bold, they’re likely intended as negotiation tools.

Taxes are on the chopping block with the Tax Cut and Jobs Act of 2017 set to expire after 2025. Whether or not the tax cuts are extended will likely be the product of negotiations and drama in Congress that could take several months.

For investors, staying informed will be key as these policies unfold in the months ahead. Read more in our Outlook 2025: Gravitational Shifts.

Weekly Specials

Philadelphia Eagles wide receiver A.J. Brown pulled off an unexpected flex: whipping out the book Inner Excellence on the sidelines during the NFC wild-card game. The bold moment caught viewers’ attention, and by the next day, the book was No. 1 on Amazon’s bestseller list.

Love Skittles? Doritos? Bad news: All of them rely on Red No. 3, a food dye linked to cancer in animals. The EU banned it in 1994, but the FDA has finally decided to follow suit – just a few decades late.

Turns out, flag football isn’t just a nostalgic gym class memory – it’s a global phenomenon, played by over 20 million people in 100+ countries. So, it kind of makes sense that it’s making its Olympic debut in 2028. Whether you call it a sport or a hobby, it’s getting its moment on the world stage.

Dunkin’ dropped the “Donuts” from its brand name back in 2018, but apparently Nebraska and New Mexico took it way too literally. In some stores, actual donuts are MIA thanks to a “manufacturing error.” Sounds more like a clog in the glazer.

Corporate Lunch

Chuck E. Cheese is staging a comeback with trampolines and a subscription program. Nothing settles a stomach after pizza and soda like jumping up and down.

Starbucks is making restrooms for customers only. Can I get a receipt on my water cup?

New Balance sales rose 20% in 2024, as Gen Z stepped their aura up with chunky sneakers. The company brought in a record $7.8 billion.

After tirelessly redesigning and focus-grouping new logos, Walmart has unveiled its bold new look. Sarcasm intended; it is the same, just with bold text.

Quantum computing stocks fell again after another CEO rained on their parade, this time it was Mark Zuckerberg saying the technology is likely a “decade-plus out.” Two personal attacks in two weeks. Feels bad, man.

Mercedes-Benz saw car sales fall 3% over 2024 due to weaker EV demand and heightened competition from Chinese companies. Have you considered selling cars for $16,000 like BYD?

JPMorgan Chase’s profit increased 50% due to higher fee income. Great job, everyone. No, you don’t get to go home; back to your cubicle.

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Past performance is not indicative of future results.