☕ The big goodbye

The wild logistics of the Queen's funeral...
September 19, 2022 View Online | Sign Up | Shop

Morning Brew

Lincoln Financial

Ahoy, mateys! Today is International Talk Like a Pirate Day, so here's a cheat sheet for all you landlubbers hoping to appear seaworthy at work today:

  • Substitute "me" for "I" (i.e., "Methinks these sales estimates are a little aggressive").
  • Leverage the The Five As: ahoy, avast, arrrrghh, aye, and, when addressing a figure of authority, aye-aye.
  • Confidence, confidence, confidence! Being a pirate is all about having conviction, even if your mutiny fails and results in you getting cleaved to the brisket (don't look that up).

Neal Freyman, Matty Merritt

MARKETS: YEAR-TO-DATE

Nasdaq

11,448.40

S&P

3,873.33

Dow

30,822.42

10-Year

3.451%

Bitcoin

$19,469.01

Meta

$146.29

*Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean.

  • Markets: The vibes on Wall Street are decidedly bearish, with the major indexes sinking in four out of the last five weeks. And while many tech stocks have been hit hard by the Fed's rate-hiking extravaganza, Meta is taking some of the worst licks. Following a 14% plunge last week, the company's stock price is at its lowest level since the early Covid days of March 2020.

INTERNATIONAL

This won't be a small funeral

The Queen's funeral cortege makes its way along The Mall from Buckingham Palace Leon Neal/Getty Images

The funeral of a beloved world leader is always a major global event. For the UK's longest-reigning monarch, Elizabeth II, it will be a spectacle unlike any other we've seen in years. Here's what you need to know about today's proceedings.

Your country's version of the White House will probably be empty. Queen Elizabeth's II funeral will be one of the biggest diplomatic gatherings in decades. Leaders of almost 200 countries and territories, including roughly 90 presidents and prime ministers, have flown in to attend. Many of them are not getting the royal treatment, however: Japan's emperor and other heads of state will arrive at the funeral on buses.

That's due to the immense security challenge. With all those powerful people in attendance and 1 million people expected to visit London today, the UK is deploying its biggest security detail since WWII. 10,000 police officers will be on duty (and that's only the uniformed ones), snipers will be eyeing the throngs from rooftops, and a special unit will focus on people who may be dangerously "fixated" on the royal family.

Most of the UK economy is (controversially) shutting down.

  • Schools, banks, sporting events, and many retailers—including McDonald's—are shutting down after the government declared today a bank holiday and encouraged companies to give their workers a day off.
  • Heathrow Airport in London said it would change ~15% of its flights for today so that the airplane noise wouldn't interfere with the funeral proceedings.

But coming at a time when the UK economy is hurting, the disruption caused by the queen's funeral is irking many Brits. For instance, people have expressed frustration that their nonemergency medical procedures and appointments were postponed. As the daughter of a man whose dentist appointment was canceled told PA Media, "It's abhorrent to ask people like himself to lose their teeth for an unelected head of state in the 21st century."

How can you watch? The major news networks in the US will cover the event starting as early as 5am ET on TV and streaming. Also, here's everything you need to know about the music at the funeral.—NF

        

WORLD

Tour de headlines

Flooding in Puerto Rico from Hurricane Fiona Melvin Pereira/AFP via Getty Images

All of Puerto Rico's power went out. Hurricane Fiona made landfall in the US territory yesterday, knocking out the island's power grid and causing a blackout for its ~3.2 million residents. Up to 25 inches of rain is expected to fall from the storm, which hit Puerto Rico nearly five years to the day when Hurricane Maria obliterated the island's power grid and led to almost 3,000 deaths. Puerto Rico's grid operator, Luma, said it could take days to fully restore power.

Ron DeSantis says migrant transfers are just beginning. Florida's GOP governor said his relocations of migrants to Democrat-led areas will only ramp up, pledging to use "every penny" of the $12 million allocated by the state to protest what he calls "reckless border policies" by the Biden administration. Attorneys representing dozens of migrants DeSantis sent to Martha's Vineyard last week are calling on the government to open a criminal investigation into his actions.

Putin was rebuked by his pals. During a regional summit in Uzbekistan, the leaders of both India and China expressed concerns with Russia's invasion of Ukraine, highlighting the mounting pressure on Vladimir Putin even from the Asian nations he considers friends. China and India, the world's two most populous countries, have been integral to propping up Russia's economy after it was cut off by the West.

TOGETHER WITH LINCOLN FINANCIAL

Go from "ahh!!!" to ahhhhh

Lincoln Financial

Planning for your financial future can be pretty stressful, especially when you're going through major life events that bring a lot of anxiety (and expenses) with them.

But having a long-term plan and trusted guide in place can definitely help you unwind—and give you the financial security and freedom to live your best life.

We partnered with Lincoln Financial on a ~different~ kind of meditation series to help you get in a relaxed state, find your calm amid the chaos, and envision the financial future you want for yourself and your loved ones.

Kick back (or get up from your desk and go for a walk) and listen.

        

TRAVEL

Business travel mounts bigger comeback than the Dolphins

Business travel mounts bigger comeback than the Dolphins

Get ready for an influx of people trying to "get some work done" at the airport Chili's. After the pandemic obliterated business travel, a "blockbuster" season for the pay-to-preboard crowd is coming this fall, according to travel manager TripActions. Business trip bookings and travel spending have jumped nearly 6x between September and mid-November, compared to a year ago.

Even WFHers need facetime: While fall is typically a popular time for corporate conference-goers, business travel in autumn 2022 is also getting a bump from heaps of IRL whiteboard sessions. After sales meetings, getting distributed teams together in-person was the top reason for business travel.

"Pre-pandemic, it was a lot of salespeople and marketing folks traveling…but now we see more individual travelers per company taking trips…and spending company money," Michael Sindicich, GM of TripAction's expense product, Liquid, told Morning Brew.

When business travelers are heading to the airport has also changed. This year, 35% of business trips included a weekend, compared to 31% in 2019, meaning employees are mullet-ing their Friday meetings with a mini-vacation before they head back home.

Big picture: TripActions warned that "these new patterns are far from settled," and companies might still be hesitant to send employees to a ropes course in Austin when the economic outlook is this uncertain. Google and Microsoft have begun to restrict business travel to save money.—MM

        

CALENDAR

The week ahead

Meg Ryan and Billy Crystal in When Harry Met Sally When Harry Met Sally.../Columbia Pictures

It's another Meg Ryan fall: The autumnal equinox arrives on Thursday, marking the official start of fall.

Desperate times call for higher rates: On Wednesday, the Fed will decide how big to go on an interest rate hike. With inflation coming in hotter than expected last month, the central bank is expected to jack up interest rates by 75 basis points for the third straight meeting—though a 100-basis-point increase, which would be the biggest in 40 years, isn't being ruled out.

UNGA: The Giants and Jets may be a combined 3–1, but New Yorkers will still grumble through a traffic week from hell as world leaders and their motorcades gather for the UN General Assembly. The war in Ukraine and its many ripple effects will be the dominant theme.

Everything else:

  • Blonde, Netflix's NC-17-rated Marilyn Monroe film, and Don't Worry Darling, the thriller with all that prerelease drama, will be released on Friday.
  • Another season of Survivor, the 43rd, starts on Wednesday.

GRAB BAG

Key performance indicators

Central Park Tower in Manhattan

Stat: How much would you pay to live on the stem of the Big Apple? The triplex penthouse of NYC's Central Park Tower, the tallest residential condo building in the world, is on the market for $250 million. It's the most expensive listing in the country and, if sold at that price, would be the most expensive home sale in US history. The second-most expensive listing was $238 million for a unit right across the street at 220 Central Park South, scooped up by billionaire investor Ken Griffin.

Quote: "You know what? I made Titanic. This building that we're meeting in right now, this new half-billion dollar complex on your lot? Titanic paid for that, so I get to do this."

In an interview with the NYT, Avatar director James Cameron explained how he convinced the studio to keep certain elements of the film, such as its extravagant length. Saying you made Titanic is one of the world's ultimate flexes.

Read: A growing number of men are undergoing a radical and expensive surgery to grow anywhere from three to six inches. (GQ)

TOGETHER WITH MCKINSEY & CO

McKinsey & Co

In technology we trust, but should we? With every online purchase we make, we put faith in businesses to protect our data—and, increasingly, to use the AI in their products and platforms responsibly. New research from McKinsey & Co. found that companies have many reasons to maintain this trust, but many still struggle with what it takes to do so. Explore the insights here.

        

WHAT ELSE IS BREWING

  • President Biden said the pandemic is over during an interview with 60 Minutes, while acknowledging, "We still have a problem with Covid."
  • The Las Vegas Aces won their first WNBA championship in franchise history.
  • House Speaker Nancy Pelosi criticized Azerbaijan for attacks on Armenia that have led to more than 200 people killed at the border between the two countries.
  • Wegmans, the northeastern grocery store chain, said it was ending its self-checkout app because it led to too many losses.
  • The latest Gen Z fashion trend: wearing jeans with the button undone.

BREW'S BETS

Dive back into the week:

Could Ferris Bueller's Day Off actually be accomplished? One reporter decided to find out.

Real estate investing insights: With home prices skyrocketing, it's hard to determine where to invest in real estate for solid cashflow every month. BiggerPockets.com has the data on the top 100 cashflow markets in the US. Check it out.

FROM THE CREW

We are launching a crypto newsletter

Image of cell phone promoting Incrypto

Arriving in your inbox on October 3, the newest addition to the Morning Brew family: Incrypto. Our latest newsletter is all about helping you understand the wide world of crypto with, y'know, context. Wondering about Web3? We got you. Dwelling on DAOs or DeFi? Done. NFTs? No fungible problem. We'll teach you what it all means and why it matters to you.

Like all our newsletters, it's completely free and only takes five minutes to read. Subscribe now.

GAMES

The puzzle section

Turntable: In today's puzzle, every single word will require you to use the letter "Z." It won't be as difficult as you might think. Play Turntable here.

The biggest funerals of all time

With mega-funerals on our minds, let's quiz you on some of the most-attended funerals in recent centuries. We'll give you the location and the year of a funeral or memorial service; you have to name the famous person who was being honored.

  1. Washington, DC, 1963
  2. Kingston, Jamaica, 1981
  3. Staples Center, Los Angeles, 2009
  4. Calcutta, India, 1997
  5. Vienna, Austria, 1827

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AROUND THE BREW

The US manufacturing renaissance

The US manufacturing renaissance

US manufacturing is making a comeback. Learn how one company's bet on "Made in America" is paying off. Watch here.

Check out more from the Brew:

🕯 The right time is always now. Shop Right Here Right Now candles for an extra boost of motivation right when you need it most. Get yours now for over 50% off—while supplies last.

It's level-up o'clock: Morning Brew's Business Essentials Accelerator begins September 26 and there's still time to apply. Join our September cohort today.

ANSWER

  1. John F. Kennedy
  2. Bob Marley
  3. Michael Jackson
  4. Mother Teresa
  5. Ludwig van Beethoven

✢ A Note From Lincoln Financial

Lincoln Financial is the marketing name for Lincoln National Corporation and insurance company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Copyright 2022 

LCN-4936139-090622 A

         

Written by Neal Freyman and Matty Merritt

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