HEX

File: D:/hMailServer/Data/showfile.com/admin/1D/{1D03325C-3391-4532-9B3B-CFF18FB32825}.eml
Date: Sat, 12 Apr 2025 13:04:42 +0000
Mime-Version: 1.0
Content-Type: multipart/alternative;
 boundary="e9d99dbcc503dd9c27260ba81672416d7f353495d5a8a3781db6163569bc"
Subject: =?UTF-8?q?Disney_C.E.O._Calculus,_Prada_Succession_Murmurs_&_Altman?=
 =?UTF-8?q?=E2=80=99s_Legal_War?=
From: Jon Kelly <jon@puck.news>
To: enzo@showfile.com
Message-Id: <20250412130442.995c62f46f79b417@cio66752.puck.news>

--e9d99dbcc503dd9c27260ba81672416d7f353495d5a8a3781db6163569bc
Content-Transfer-Encoding: quoted-printable
Content-Type: text/plain; charset="utf-8"

Apr 12, 2025

The Backstory ( https://puck.news/newsletters/the-backstory/?utm_campaign=
=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LE=
ADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&ut=
m_term=3Df6c60615e3d301d48d28 )

McKinsey & Company ( https://www.mckinsey.com/capabilities/geopolitics/our-=
insights/a-proactive-approach-to-navigating-geopolitics-is-essential-to-thr=
ive?cent-pme-pck-mbm-mabck01-nam-ip&utm_campaign=3DThe+Backstory+-+LEADS+%2=
84%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_m=
edium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d=
28 )

PREVIEW VERSION
PREVIEW VERSION

Start
a free 14-day trial ( https://puck.news/join/?utm_campaign=3DThe+Backstory+=
-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F2=
5%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615=
e3d301d48d28 )=C2=A0to unlock unlimited access to Puck.

=E2=80=8A

Jon Kelly
Jon Kelly

Good morning,

Thanks for reading The Backstory, your weekly digest of the
best new work at Puck.

It was another exceptional week: Matt Belloni made the case for Ted Sarando=
s at Disney; Eriq Gardner pondered Sam Altman=E2=80=99s latest legal challe=
nge; Lauren Sherman laid out the next steps in Prada=E2=80=99s Versace acqu=
isition; Rachel Strugatz broke the news of Glossier=E2=80=99s down round; S=
arah Shapiro revealed a =E2=80=9990s mall brand revival; Dylan Byers
imagined some future CNBC M&A; John Ourand chatted with NHL commissioner Ga=
ry Bettman; Julia Alexander explored Major League Baseball=E2=80=99s media =
rights conundrum; Marion Maneker played art market moneyball; Julie Davich =
spotlighted Abe Lincoln=E2=80=99s distressed sale; and Bill Cohan warned of=
 a bond market meltdown.

Meanwhile, Leigh Ann
Caldwell surveyed the Liberation Day fallout; Julia Ioffe got the elevator =
pitch on Loomered Strategies; John Heilemann profiled Trump=E2=80=99s econo=
mic brain trust; Peter Hamby analyzed some brutal Trump poll numbers; and A=
bby Livingston dug into the simmering G.O.P. civil war over spending.

Check out these stories, and others, via the links below. And stick around =
for the backstory on how it
all came together.

START A FREE 14-DAY TRIAL ( https://puck.news/join/?utm_campaign=3DThe+Back=
story+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F=
12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6=
c60615e3d301d48d28 )

A MESSAGE FROM MCKINSEY & COMPANY

McKinsey & Company ( https://www.mckinsey.com/capabilities/geopolitics/our-=
insights/a-proactive-approach-to-navigating-geopolitics-is-essential-to-thr=
ive?cent-pme-pck-mbm-mabck02-nam-ip&utm_campaign=3DThe+Backstory+-+LEADS+%2=
84%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_m=
edium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d=
28 )

McKinsey & Company ( https://www.mckinsey.com/capabilities/geopolitics/our-=
insights/a-proactive-approach-to-navigating-geopolitics-is-essential-to-thr=
ive?cent-pme-pck-mbm-mabck02-nam-ip&utm_campaign=3DThe+Backstory+-+LEADS+%2=
84%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_m=
edium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d=
28 )

Geopolitical forces continue to reshape global trade, investment flows, and=
 competitive dynamics.

Leading
organizations respond by strengthening three core areas: growth strategy, o=
perational efficiency, and capabilities to navigate disruption.

=C2=A0

Create value amidst
turbulence ( https://www.mckinsey.com/capabilities/geopolitics/our-insights=
/a-proactive-approach-to-navigating-geopolitics-is-essential-to-thrive?cent=
-pme-pck-mbm-mabck03-nam-ip&utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%=
2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3D=
email_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )

FASHION
FASHION

Lauren Sherman
previews ( https://puck.news/versace-prada-deal-cements-lorenzo-bertellis-a=
scent/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=
=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_so=
urce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) a Prada succession twi=
st.
and=E2=80=A6
Rachel Strugatz reads ( https://puck.news/glossiers-valuation-at-2-billion-=
four-years-ago-cut-in-half/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%=
2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3D=
email_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the=
 Glossier pitch deck.
meanwhile=E2=80=A6
Sarah Shapiro
explains ( https://puck.news/why-urban-outfitters-is-a-mall-brand-survivor/=
?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+B=
ackstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dc=
ustomer.io&utm_term=3Df6c60615e3d301d48d28 ) Urban Outfitters=E2=80=99 stay=
ing power.

=E2=80=8A

ART MARKET
ART MARKET

Marion Maneker
details ( https://puck.news/mcandrew-2024-art-market-report-strong-low-end-=
sales-lower-total-value/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F2=
5%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Dema=
il_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the ma=
rket=E2=80=99s democratization quandary.
and=E2=80=A6
Julie Davich reviews ( https://puck.news/lincolns-bloodstained-gloves-to-be=
-auctioned-in-chicago/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%=
29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail=
_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the lots=
 of a presidential fire sale.

=E2=80=8A

HOLLYWOOD
HOLLYWOOD

Matt Belloni
gathers the news ( https://puck.news/the-trump-tariff-pain-index-and-caas-o=
ffensive-buyback/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&ut=
m_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_acti=
on&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) around town a=
nd pitches ( https://puck.news/should-netflixs-ted-sarandos-succeed-bob-ige=
r-at-disney/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_con=
tent=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&ut=
m_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the Disney board o=
n a C.E.O. succession candidate.

=E2=80=8A

WALL STREET
WALL STREET

Bill Cohan
deciphers ( https://puck.news/what-it-means-when-the-bond-market-panics-lik=
e-this/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=
=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_so=
urce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the panic in the bond =
market.

=E2=80=8A

SILICON VALLEY
SILICON VALLEY

Eriq Gardner
investigates ( https://puck.news/the-trillion-dollar-questions-is-ai-traini=
ng-date-fair-use/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&ut=
m_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_acti=
on&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) an OpenAI meg=
a-suit.

=E2=80=8A

MEDIA
MEDIA

Dylan Byers
assesses ( https://puck.news/cnbc-ratings-spike-as-markets-crash/?utm_campa=
ign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-=
+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io=
&utm_term=3Df6c60615e3d301d48d28 ) CNBC=E2=80=99s value to SpinCo.
and=E2=80=A6
John Ourand chronicles ( https://puck.news/local-broadcasters-are-still-awa=
iting-the-death-of-rsns/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F2=
5%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Dema=
il_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) a spor=
ts rights vulture contest.
meanwhile=E2=80=A6
Julia Alexander
considers ( https://puck.news/how-streaming-could-save-mlbs-local-revenue-c=
risis/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=
=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_so=
urce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) Major League Baseball=
=E2=80=99s streaming options.

=E2=80=8A

WASHINGTON
WASHINGTON

Leigh Ann Caldwell
relays ( https://puck.news/inside-trumps-tariff-pressure-campaign-on-capita=
l-hill/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=
=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_so=
urce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) all the post=E2=80=93L=
iberation Day agita.
and=E2=80=A6
Julia Ioffe checks in ( https://puck.news/inside-laura-loomers-nsc-purge/?u=
tm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Bac=
kstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcus=
tomer.io&utm_term=3Df6c60615e3d301d48d28 ) with Laura Loomer.
meanwhile=E2=80=A6
Peter Hamby
scrutinizes ( https://puck.news/honeymoon-over-trumps-poll-numbers-say-yes/=
?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+B=
ackstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dc=
ustomer.io&utm_term=3Df6c60615e3d301d48d28 ) Trump=E2=80=99s deteriorating =
poll numbers; John Heilemann evaluates ( https://puck.news/trumps-trade-war=
-divides-economic-advisors/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%=
2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3D=
email_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the=
 president=E2=80=99s coalition of the willing; and Abby Livingston
monitors ( https://puck.news/senate-republicans-divide-over-fighting-trumps=
-tariffs/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_conten=
t=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_s=
ource=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) the tariff terrors on=
 the Hill.

=E2=80=8A

PODCASTS
PODCASTS

Dylan and Bill get into the trade war media games on
The Grill Room ( https://puck.news/podcast_episode/c-e-o-s-and-market-woes/=
?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+B=
ackstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dc=
ustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
ESPN=E2=80=99s Peter Schrager discusses Roger Goodell=E2=80=99s future with=
 John on The Varsity ( https://puck.news/podcast_episode/the-espn-migration=
/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+=
Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3D=
customer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Lauren and Dimepiece founder Brynn Wallner trade notes
on Radhika replacements at VF on Fashion People ( https://puck.news/podcast=
_episode/flip-flopgate-and-vanity-fair-guessing-games/?utm_campaign=3DThe+B=
ackstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284=
%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=
=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Heilemann chats with cybersecurity expert and Trump antagonist Chris Krebs =
on Impolitic ( https://puck.news/podcast_episode/chris-krebs-cyberattacks-c=
yberdefenses-trump-2-0s-cybersurrender/?utm_campaign=3DThe+Backstory+-+LEAD=
S+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&u=
tm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301=
d48d28 ).
and=E2=80=A6
Matt
explores the fan equity model with director Eli Roth on The Town ( https://=
puck.news/podcast_episode/director-eli-roth-will-kill-you-on-screen-for-1-m=
illion/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=
=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_so=
urce=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).
and=E2=80=A6
Julia Alexander and Peter debate Apple=E2=80=99s tariff vulnerabilities on =
The Powers That Be ( https://puck.news/podcast_episode/faangs-out-for-holly=
wood/?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3D=
The+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_sourc=
e=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ).

As a reminder, you can update your profile at any time to get more stories =
like these directly in your
inbox. Click here ( https://puck.news/newsletters/?utm_campaign=3DThe+Backs=
tory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F1=
2%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c=
60615e3d301d48d28 ) to customize your email settings.

=E2=80=8A

Word Is Bond
------------

On Thursday afternoon, I met an investor friend for lunch at The Odeon, Puc=
k=E2=80=99s preferred canteen in our
still-newish habitat south of Canal Street. Walking to the restaurant, I sl=
ipped into a fugue state recollecting financial crises of yore. After all, =
Trump=E2=80=99s mounting, unilateral tariff escapade was giving real 2008 v=
ibes. The sensation grew as I ambled from our headquarters on lower Greenwi=
ch Street, past the New York Fed and the once-Occupied Zuccotti Park. To my=
 left, Goldman=E2=80=99s gleaming riverside headquarters; to my right, the =
nondescript office tower from whence
former AIG C.E.O. Hank Greenberg once promiscuously deployed his legions of=
 credit default swaps. It was a veritable market meltdown hall of fame.

The effects of the turmoil were etched on the faces of nearly everyone I pa=
ssed: the Alo moms, the Stone Island finance dads, the nepo middle-agers, t=
he municipal workers, and the many other tribes that populate modern Tribec=
a. Even if Trump had yielded to Scott Bessent=E2=80=99s pleas and announced=
 his 90-day =E2=80=9Cpause=E2=80=9D
a day earlier, no one was looking at their Fidelity account.

A MESSAGE FROM MCKINSEY & COMPANY

McKinsey & Company ( https://www.mckinsey.com/capabilities/geopolitics/our-=
insights/a-proactive-approach-to-navigating-geopolitics-is-essential-to-thr=
ive?cent-pme-pck-mbm-mabck01-nam-ip&utm_campaign=3DThe+Backstory+-+LEADS+%2=
84%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_m=
edium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d=
28 )

McKinsey & Company ( https://www.mckinsey.com/capabilities/geopolitics/our-=
insights/a-proactive-approach-to-navigating-geopolitics-is-essential-to-thr=
ive?cent-pme-pck-mbm-mabck01-nam-ip&utm_campaign=3DThe+Backstory+-+LEADS+%2=
84%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_m=
edium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d=
28 )

Geopolitical forces continue to reshape global trade, investment flows, and=
 competitive dynamics.

Leading
organizations respond by strengthening three core areas: growth strategy, o=
perational efficiency, and capabilities to navigate disruption.

=C2=A0

Create value amidst
turbulence ( https://www.mckinsey.com/capabilities/geopolitics/our-insights=
/a-proactive-approach-to-navigating-geopolitics-is-essential-to-thrive?cent=
-pme-pck-mbm-mabck05-nam-ip&utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%=
2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3D=
email_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )

Naturally, my pal and I began by kibitzing about the markets and the tariff=
s. As he was sermonizing and
hypothesizing about the second- and third-order effects=E2=80=94this was hi=
s business, after all=E2=80=94I walked him through a Bill Cohan piece we=E2=
=80=99d published the previous evening, laying out the shoes that the most =
important players on Wall Street expect to drop next. The story was titled,=
 When the Bond Market Panics Like This=E2=80=A6 ( https://puck.news/what-it=
-means-when-the-bond-market-panics-like-this/?utm_campaign=3DThe+Backstory+=
-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F2=
5%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615=
e3d301d48d28 )Readers of this
Saturday pastoral know of my infinite fondness for Bill, whom I=E2=80=99ve =
worked with for more than a decade and am honored to call a partner at all =
times, but especially times like these. Bill has the unfair advantage of ha=
ving spent a quarter-century in the senior rungs of premier financial insti=
tutions, including Lazard and JPMorgan, before deciding to switch careers a=
nd become the culture=E2=80=99s most important financial journalist. I=E2=
=80=99d woken up at dawn on Wednesday to read his first draft on
the White House=E2=80=93induced market collapse, and was stunned by his pre=
scient warning of how easily America=E2=80=99s largest foreign creditors co=
uld rattle our economic cages. Bill had foreseen the blinking red lights th=
at prompted Trump himself to get yippy. As I told my lunch companion, Bill=
=E2=80=99s analysis had anticipated this entire chapter of Trump=E2=80=99s =
economic misadventure.

You don=E2=80=99t need me to tell you that we=E2=80=99re living in strange =
and uncertain, if not unexciting, times. And I couldn=E2=80=99t more
strongly recommend that you spend some quiet time this weekend with CNBC on=
 mute as you dig into When the Bond Market Panics Like This=E2=80=A6. It=E2=
=80=99s the most elegant, thoughtful, and cogent explanation of our manufac=
tured semi-recession that you=E2=80=99ll find anywhere. And Bill will have =
more in Dry Powder, his private email par excellence, tomorrow. (Sign up he=
re ( https://puck.news/newsletters/dry-powder/?utm_campaign=3DThe+Backstory=
+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F=
25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c6061=
5e3d301d48d28 ) to make sure you don=E2=80=99t
miss a beat.)

Meanwhile, if you=E2=80=99re looking to unplug from the financial news this=
 weekend, I=E2=80=99d turn your attention to an absolute gem of a Julia Iof=
fe joint. Since last Friday, when the MAGA influencer Laura Loomer touched =
off a firing spree at the N.S.C., the blob and bureaucracy have been wonder=
ing what really happened. Surely, there had to be something more afoot than=
 a pot-stirring Millennial firecracker pouring poison in the ear of the
president. But, as Julia explains in Fruit of the Loomer ( https://puck.new=
s/inside-laura-loomers-nsc-purge/?utm_campaign=3DThe+Backstory+-+LEADS+%284=
%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_med=
ium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28=
 ), all hopes of sanity should be dashed. Indeed, the backstory of how the =
N.S.C. got Loomered (her expression, not mine) is one of the stories of our=
 time, and precisely what you should expect from Puck.

=E2=80=8A

Have a great weekend,

Jon

Start your free trial today ( https://puck.news/join/?utm_campaign=3DThe+Ba=
ckstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%=
2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3D=
f6c60615e3d301d48d28 )

Puck

Facebook ( https://facebook.com/puckdotnews?utm_campaign=3DThe+Backstory+-+=
LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%=
29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3=
d301d48d28 )
Twitter ( https://twitter.com/PuckNews?utm_campaign=3DThe+Backstory+-+LEADS=
+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&ut=
m_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d=
48d28 )
Instagram ( https://instagram.com/puckdotnews?utm_campaign=3DThe+Backstory+=
-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F2=
5%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615=
e3d301d48d28 )
LinkedIn ( https://linkedin.com/company/pucknews?utm_campaign=3DThe+Backsto=
ry+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%2F12%=
2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60=
615e3d301d48d28 )

Need help? Review our=C2=A0FAQ page ( https://puck.news/faq/?utm_campaign=
=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LE=
ADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&ut=
m_term=3Df6c60615e3d301d48d28 )=C2=A0or=C2=A0contact us ( fritz@puck.news?u=
tm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Bac=
kstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcus=
tomer.io&utm_term=3Df6c60615e3d301d48d28 )=C2=A0for assistance. For brand p=
artnerships, email=C2=A0ads@puck.news ( ads@puck.news?utm_campaign=3DThe+Ba=
ckstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Backstory+-+LEADS+%284%=
2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3D=
f6c60615e3d301d48d28 ).

You received this email because you signed up to receive emails from Puck, =
or as part of your Puck account associated with enzo@showfile.com. To stop =
receiving this newsletter and/or manage all your email preferences, click h=
ere ( https://puck.news/unsubscribe/?subscription=3Dthe_backstory&email=3De=
nzo@showfile.com&delivery_id=3DdgT2xgYDANSNKNONKAGWKhY9IjPrzKPiIiigRlM=3D&u=
tm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&utm_content=3DThe+Bac=
kstory+-+LEADS+%284%2F12%2F25%29&utm_medium=3Demail_action&utm_source=3Dcus=
tomer.io&utm_term=3Df6c60615e3d301d48d28 ).

=E2=80=8A

Puck is published by Heat Media LLC.=C2=A0107=C2=A0Greenwich=C2=A0St, New Y=
ork, NY 10006
--e9d99dbcc503dd9c27260ba81672416d7f353495d5a8a3781db6163569bc
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="utf-8"

<!-- We'll replace this content tag with whatever you write in your email  =
--><!DOCTYPE html><html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=
=3D"urn:schemas-microsoft-com:office:office" lang=3D"en"><head>
<title></title>
<meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"/>
<meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D1.=
0"/>
<link href=3D"https://fonts.googleapis.com/css2?family=3DInter:ital,opsz,wg=
ht@0,14..32,100..900;1,14..32,100..900&amp;display=3Dswap" rel=3D"styleshee=
t" type=3D"text/css"/>
<link href=3D"https://puck.news/wp-includes/css/puck-fonts.css" rel=3D"styl=
esheet" type=3D"text/css"/>
<style>*{box-sizing:border-box;}body{margin:0;padding:0;}a[x-apple-data-det=
ectors]{color:inherit!important;text-decoration:inherit!important;}p{line-h=
eight:inherit}.n,.n table{mso-hide:all;display:none;max-height:0px;overflow=
:hidden;}.j img+div{display:none;}sup,sub{font-size:75%;line-height:0;}
@media (max-width:620px){.n table.b,.z.n .y{display:inline-block!important;=
}.b{text-align:center;}.b td{margin:0 auto;}.n5{display:none;}.v .o .oq.g .=
r .m,.c{width:100%!important;}.i .yq{width:100%;display:block;}.n5{min-heig=
ht:0;max-height:0;max-width:0;overflow:hidden;font-size:0px;}.n,.n table{di=
splay:table!important;max-height:none!important;}.v .o .oq.g span{line-heig=
ht:28px!important;}.q .o{padding:12px 0 6px!important;} }
</style>
</head>
<body style=3D"margin:0;background-color:#f8f8f8;padding:0;-webkit-text-siz=
e-adjust:none;text-size-adjust:none;"><div style=3D"display: none; max-heig=
ht: 0px; overflow: hidden; mso-hide:all;">Good morning, thanks for reading =
The Backstory, your weekly digest of the best new work at Puck. It was anot=
her exceptional week: Matt Belloni made the case for Ted Sarandos at Disney=
; Eriq Gardner pondered Sam Altman=E2=80=99s latest legal challenge; Lauren=
 Sherman laid out the next steps in Prada=E2=80=99s Versace acquisition; Ra=
chel Strugatz broke the news of Glossier=E2=80=99s down round; Sarah Shapir=
o revealed a =E2=80=9990s mall brand revival; Dylan Byers imagined some fut=
ure CNBC M&amp;A...</div>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;backgr=
ound-color:#f8f8f8;"><tbody><tr><td>
<table class=3D"q" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0p=
t;mso-table-rspace:0pt;background-size:auto;"><tbody><tr><td>
<table class=3D"c" align=3D"center" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;background-color:#f8f8f8;background-size:auto;background-image:url(=
&#39;https://userimg-assets.customeriomail.com/images/client-env-107382/172=
9522224401_links-bg-80_01JAQRXK9QCQFM5YW931W53SMQ.png&#39;);background-repe=
at:no-repeat;border-radius:0;color:#000000;width:600px;margin:0 auto;" widt=
h=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" style=3D"mso-table-l=
space:0pt;mso-table-rspace:0pt;font-weight:400;text-align:left;padding-bott=
om:2px;padding-left:24px;padding-right:24px;padding-top:10px;vertical-align=
:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td><div style=3D"color:#767676;direction:ltr;=
font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;font-weight:400;=
letter-spacing:0px;line-height:1.5;text-align:center;mso-line-height-alt:21=
px;"><p style=3D"margin:0;">Apr 12, 2025</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;vertical-align:top;">
<table class=3D"j" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;"><tbody><tr><td style=3D"width:100%;"><div class=3D"r" align=3D"cent=
er"><div style=3D"max-width:600px;"><a href=3D"https://email.puck.news/e/c/=
eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJ=
ocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbmV3c2xldHRlcnMvdGhlLWJhY2tzdG9yeS8_dXRtX2=
NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0b=
V9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0=
bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV=
0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMW=
Q0OGQyOCIsImxpbmtfaWQiOjM3MTg0fQ/e4b54b979d2ba14a0afd70594d8a71075063af8eb5=
7ac6f2a7833763c8145f58" target=3D"_blank" style=3D"outline:none" tabindex=
=3D"-1"><img src=3D"https://userimg-assets.customeriomail.com/images/client=
-env-107382/1730910024645_nameplate-the-backstory-290-noborder_01JC14DWZHTW=
Y8J94VNETCN0Q2.png" style=3D"display:block;height:auto;border:0;width:100%;=
" width=3D"600" alt=3D"The Backstory" title=3D"The Backstory" height=3D"aut=
o"/></a></div></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;vertical-align:top;">
<table class=3D"j" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;"><tbody><tr><td style=3D"width:100%;"><div class=3D"r" align=3D"cent=
er"><div style=3D"max-width:600px;"><a href=3D"https://email.puck.news/e/c/=
eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJ=
ocmVmIjoiaHR0cHM6Ly93d3cubWNraW5zZXkuY29tL2NhcGFiaWxpdGllcy9nZW9wb2xpdGljcy=
9vdXItaW5zaWdodHMvYS1wcm9hY3RpdmUtYXBwcm9hY2gtdG8tbmF2aWdhdGluZy1nZW9wb2xpd=
Gljcy1pcy1lc3NlbnRpYWwtdG8tdGhyaXZlP2NlbnQtcG1lLXBjay1tYm0tbWFiY2swMS1uYW0t=
aXBcdTAwMjZ1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI=
1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRj=
I1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3Rvb=
WVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2=
YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MTI3Nn0/d2adbab0e8267e16a169334=
c921fd707ee9b86f289117a1ed1c65f1f053e17cc" target=3D"_blank" style=3D"outli=
ne:none" tabindex=3D"-1"><img src=3D"https://userimg-assets.customeriomail.=
com/images/client-env-107382/1744387410220_header-sponsor-example_01JRJSF2F=
71J34VMHWCNR4WW29.png" style=3D"display:block;height:auto;border:0;width:10=
0%;" width=3D"600" alt=3D"McKinsey &amp; Company" title=3D"McKinsey &amp; C=
ompany" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:24px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-a=
lign:center;line-height:0;"><tbody><tr><td style=3D"vertical-align:middle;c=
olor:#000000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-=
size:20px;font-weight:400;padding-bottom:12px;text-align:center;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:8px;"><img alt=3D"PREVIEW VERSION" src=3D"https://userimg-a=
ssets.customeriomail.com/images/client-env-107382/1734018969249_preview-bla=
ck-outline-32_01JEXSBBQMNMC2Q7QT5X7ACH6X.png" height=3D"auto" width=3D"32" =
align=3D"center" style=3D"display:block;height:auto;margin:0 auto;border:0;=
"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:400;color:#000000;vertical-align:middle;letter-s=
pacing:undefined;text-align:center;line-height:normal;">PREVIEW VERSION
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td><div style=3D"color:#000000;d=
irection:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:14px;fon=
t-weight:400;letter-spacing:0px;line-height:1.5;text-align:center;mso-line-=
height-alt:21px;"><p style=3D"margin:0;"><strong><a href=3D"https://email.p=
uck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSW=
lpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVRoZ=
StCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRo=
ZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1=
haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2Yz=
YwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpb=
mtfaWQiOjU1ODY3OX0/ecd8a48109243261f0dea84a42f4099c6da8ceecc3013d36977facb2=
5c0b83f5" target=3D"_blank" rel=3D"noopener" style=3D"text-decoration:under=
line;color:#d40000;">Start
a free 14-day trial</a></strong>=C2=A0to unlock unlimited access to Puck.</=
p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-top:24px;"><div class=3D"r" align=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #d9d=
9d9;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-a=
lign:left;line-height:0;"><tbody><tr><td style=3D"vertical-align:middle;col=
or:#d40000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-si=
ze:20px;font-weight:400;padding-bottom:24px;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:0px;"><img alt=3D"Jon Kelly" src=3D"https://userimg-assets.=
customeriomail.com/images/client-env-107382/1739207840362_avatar-jon-update=
-2025-02-10_01JKRDV4MWG66YABQ09KYQKNAE.png" height=3D"auto" width=3D"48" al=
ign=3D"center" style=3D"display:block;height:auto;margin:0 auto;border:0;"/=
>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-s=
pacing:undefined;text-align:left;line-height:normal;">Jon Kelly
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;=
"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#3=
9;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-height:=
1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;margin-=
bottom:0px;">Good morning,<br/><br/>Thanks for reading The Backstory, your =
weekly digest of the
best new work at Puck.<br/><br/>It was another exceptional week: <strong>Ma=
tt Belloni </strong>made the case for <strong>Ted Sarandos </strong>at Disn=
ey; <strong>Eriq Gardner </strong>pondered <strong>Sam Altman</strong>=E2=
=80=99s latest legal challenge; <strong>Lauren Sherman </strong>laid out th=
e next steps in Prada=E2=80=99s Versace acquisition; <strong>Rachel Strugat=
z </strong>broke the news of Glossier=E2=80=99s down round; <strong>Sarah S=
hapiro </strong>revealed a =E2=80=9990s mall brand revival; <strong>Dylan B=
yers
</strong>imagined some future CNBC M&amp;A; <strong>John Ourand </strong>ch=
atted with NHL commissioner <strong>Gary Bettman</strong>; <strong>Julia Al=
exander </strong>explored Major League Baseball=E2=80=99s media rights conu=
ndrum; <strong>Marion Maneker </strong>played art market moneyball; <strong=
>Julie Davich</strong> spotlighted <strong>Abe Lincoln</strong>=E2=80=99s d=
istressed sale; and <strong>Bill Cohan </strong>warned of a bond market mel=
tdown.</p><p style=3D"margin:0;"><br/>Meanwhile, <strong>Leigh Ann
Caldwell </strong>surveyed the Liberation Day fallout; <strong>Julia Ioffe =
</strong>got the elevator pitch on Loomered Strategies;<strong> John Heilem=
ann </strong>profiled <strong>Trump</strong>=E2=80=99s economic brain trust=
; <strong>Peter Hamby </strong>analyzed some brutal Trump poll numbers; and=
 <strong>Abby Livingston </strong>dug into the simmering G.O.P. civil war o=
ver spending.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"v" align=3D"center" width=3D"100%" border=3D"0" cellpadding=
=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0p=
t;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><em>Check out the=
se stories, and others, via the links below. And stick around for the backs=
tory on how it
all came together.</em></p></div>
</td></tr></tbody></table>
<table class=3D"g oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:37px;text-align:center;">=
<div class=3D"r" align=3D"center"><a href=3D"https://email.puck.news/e/c/ey=
JlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJoc=
mVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3Rvcnkr=
LStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3Rvcnk=
rLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXH=
UwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZ=
DQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1ODY3=
OX0/ecd8a48109243261f0dea84a42f4099c6da8ceecc3013d36977facb25c0b83f5" targe=
t=3D"_blank" style=3D"color:#ffffff;text-decoration:none;"><span class=3D"m=
" style=3D"background-color:#d40000;border-bottom:2px solid #d40000;border-=
left:2px solid #d40000;border-radius:4px;border-right:2px solid #d40000;bor=
der-top:2px
solid #d40000;color:#ffffff;display:inline-block;font-family:&#39;Inter&#39=
;,&#39;Arial&#39;;font-size:14px;font-weight:700;mso-border-alt:none;paddin=
g-bottom:8px;padding-top:8px;padding-left:20px;padding-right:20px;text-alig=
n:center;width:60%;word-break:keep-all;letter-spacing:normal;"><span style=
=3D"word-break:break-word;line-height:28px;">START A FREE 14-DAY TRIAL</spa=
n></span></a></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid #d40000;padd=
ing-bottom:32px;padding-left:24px;padding-right:24px;padding-top:32px;
vertical-align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2;text-ali=
gn:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A MESSAGE FROM MC=
KINSEY &amp; COMPANY</p></div>
</td></tr></tbody></table>
<table class=3D"j oq n5" width=3D"100%" border=3D"0" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table=
-rspace:0pt;"><tbody><tr><td style=3D"padding-bottom:16px;width:100%;"><div=
 class=3D"r" align=3D"center"><div style=3D"max-width:552px;"><a href=3D"ht=
tps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZO=
UlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubWNraW5zZXkuY29tL2NhcGFi=
aWxpdGllcy9nZW9wb2xpdGljcy9vdXItaW5zaWdodHMvYS1wcm9hY3RpdmUtYXBwcm9hY2gtdG8=
tbmF2aWdhdGluZy1nZW9wb2xpdGljcy1pcy1lc3NlbnRpYWwtdG8tdGhyaXZlP2NlbnQtcG1lLX=
Bjay1tYm0tbWFiY2swMi1uYW0taXBcdTAwMjZ1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK=
0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSst=
K0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTA=
wMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkND=
hkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MTI3N=
30/ef88fbbe7a7a5464ad260ab60e51d7603c0811867ca25e39c910d3808a249a98" target=
=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1744383540682_Puck%2=
0ad%20desktop%20geopolitics%205_01JRJNRZHWAXCATANZN05ZD38X.png" style=3D"di=
splay:block;height:auto;border:0;width:100%;" width=3D"552" alt=3D"McKinsey=
 &amp; Company" title=3D"McKinsey &amp; Company" height=3D"auto"/></a></div=
></div>
</td></tr></tbody></table>
<table class=3D"j n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody><tr=
><td style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" align=3D"ce=
nter"><div style=3D"max-width:552px;"><a href=3D"https://email.puck.news/e/=
c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iL=
CJocmVmIjoiaHR0cHM6Ly93d3cubWNraW5zZXkuY29tL2NhcGFiaWxpdGllcy9nZW9wb2xpdGlj=
cy9vdXItaW5zaWdodHMvYS1wcm9hY3RpdmUtYXBwcm9hY2gtdG8tbmF2aWdhdGluZy1nZW9wb2x=
pdGljcy1pcy1lc3NlbnRpYWwtdG8tdGhyaXZlP2NlbnQtcG1lLXBjay1tYm0tbWFiY2swMi1uYW=
0taXBcdTAwMjZ1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyR=
jI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUy=
RjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3R=
vbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6Im=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MTI3N30/ef88fbbe7a7a5464ad260=
ab60e51d7603c0811867ca25e39c910d3808a249a98" target=3D"_blank" style=3D"out=
line:none" tabindex=3D"-1"><img src=3D"https://userimg-assets.customeriomai=
l.com/images/client-env-107382/1744383538324_Puck%20ad%20mobile%20geopoliti=
cs%205_01JRJNRXD06TVCP1PXZ7X3M5HA.png" style=3D"display:block;height:auto;b=
order:0;width:100%;" width=3D"552" alt=3D"McKinsey &amp; Company" title=3D"=
McKinsey &amp; Company" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td><div style=3D"color:#000000;direction:ltr;=
font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;=
letter-spacing:0px;line-height:1.2;text-align:left;mso-line-height-alt:20px=
;"><p style=3D"margin:0;margin-bottom:0px;">Geopolitical forces continue to=
 reshape global trade, investment flows, and competitive dynamics.<br/><br/=
>Leading
organizations respond by strengthening three core areas: growth strategy, o=
perational efficiency, and capabilities to navigate disruption.</p><p style=
=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;"><strong><=
a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubWNraW5zZXku=
Y29tL2NhcGFiaWxpdGllcy9nZW9wb2xpdGljcy9vdXItaW5zaWdodHMvYS1wcm9hY3RpdmUtYXB=
wcm9hY2gtdG8tbmF2aWdhdGluZy1nZW9wb2xpdGljcy1pcy1lc3NlbnRpYWwtdG8tdGhyaXZlP2=
NlbnQtcG1lLXBjay1tYm0tbWFiY2swMy1uYW0taXBcdTAwMjZ1dG1fY2FtcGFpZ249VGhlK0JhY=
2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0Jh=
Y2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9=
hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MT=
VlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZ=
CI6MjE2MTI3OH0/2e4dcbdd42ebd17ec804302f47940434c4150b7cb70bd71fddbec7821bab=
e341" target=3D"_blank" style=3D"text-decoration:underline;color:#2200cc;" =
rel=3D"noopener">Create value amidst
turbulence</a></strong></p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;text-a=
lign:left;line-height:0;"><tbody><tr><td style=3D"vertical-align:middle;col=
or:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:=
20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"FASHION" src=3D"https://userimg-assets.c=
ustomeriomail.com/images/client-env-107382/1729520868807_tbs-icon-fashion_0=
1JAQQM7F4X1VMN1QPH2NRBDZ8.png" height=3D"auto" width=3D"48" align=3D"center=
" style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">FASHION
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;word-break:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;=
padding-top:16px;"><div style=3D"color:#000000;direction:ltr;font-family:&#=
39;Inter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing=
:0px;line-height:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D=
"margin:0;"><strong>Lauren Sherman
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvdmVyc2FjZS1wcmFkYS1kZWFsLWNlbWVudHMtbG9yZW56by1iZXJ0ZWxsaXMtYXNjZW50L=
z91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHU=
wMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1Z=
TNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MDE0MX0/6459acf5f166b0b88ee148d4ad913c0d=
432defcbf56b4836816794520e2b697e" style=3D"text-decoration:underline;color:=
#d40000;">previews</a> a Prada succession twist.<br/><em>and=E2=80=A6</em><=
br/><strong>Rachel Strugatz </strong><a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZ2xvc3NpZXJzLXZhbHVhdGlvbi1hdC0yLWJpbGxpb=
24tZm91ci15ZWFycy1hZ28tY3V0LWluLWhhbGYvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5=
Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J=
5Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvbl=
x1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwM=
WQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMTYw=
MDYxfQ/56368980dcee1387c3c69f0f9d11ee51c4c9088bd8ac2b03da8c45be0337b419" st=
yle=3D"text-decoration:underline;color:#d40000;">reads</a> the Glossier pit=
ch deck.<br/><em>meanwhile=E2=80=A6</em><br/><strong>Sarah Shapiro
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvd2h5LXVyYmFuLW91dGZpdHRlcnMtaXMtYS1tYWxsLWJyYW5kLXN1cnZpdm9yLz91dG1fY=
2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRt=
X2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXR=
tX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dX=
RtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZ=
DQ4ZDI4IiwibGlua19pZCI6MjE1ODk3MH0/5fa71424ab0c479d32895cf0cc15d9329086d644=
4704eeed9b9e406bb4142d4b" style=3D"text-decoration:underline;color:#d40000;=
">explains</a> Urban Outfitters=E2=80=99 staying power.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #000=
;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-ali=
gn:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#3=
9;;font-size:20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"ART MARKET" src=3D"https://userimg-asset=
s.customeriomail.com/images/client-env-107382/1729520868285_tbs-icon-art_01=
JAQQM732KCZHXS8XJBMTGS8Y.png" height=3D"auto" width=3D"48" align=3D"center"=
 style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">ART MARKET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:1=
6px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-hei=
ght:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><=
strong>Marion Maneker</strong>
<a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktO=
T05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbWN=
hbmRyZXctMjAyNC1hcnQtbWFya2V0LXJlcG9ydC1zdHJvbmctbG93LWVuZC1zYWxlcy1sb3dlci=
10b3RhbC12YWx1ZS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGM=
TIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJG=
MTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1=
jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYW=
wiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIxNTg2Mjl9/863951c8e80938e2=
dc5e19b70bf4923dccae8577a6f5e48dddf0fb8aa75862a7" style=3D"text-decoration:=
underline;color:#d40000;">details</a> the market=E2=80=99s democratization =
quandary.<br/><em>and=E2=80=A6</em><br/><strong>Julie Davich </strong><a hr=
ef=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQ=
UdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvbGluY29s=
bnMtYmxvb2RzdGFpbmVkLWdsb3Zlcy10by1iZS1hdWN0aW9uZWQtaW4tY2hpY2Fnby8_dXRtX2N=
hbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV=
9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0b=
V9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0=
bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ=
0OGQyOCIsImxpbmtfaWQiOjIxNTQ0Njd9/a9d452cbfb607e09ffd94aeed5659b9e036e70418=
2adcebc952e1647382f3162" style=3D"text-decoration:underline;color:#d40000;"=
>reviews</a> the lots of a presidential fire sale.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #000=
;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-ali=
gn:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#3=
9;;font-size:20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"HOLLYWOOD" src=3D"https://userimg-assets=
=2Ecustomeriomail.com/images/client-env=
-107382/1729520869111_tbs-icon-hollywo=
od_01JAQQM7RNJPAHAYAT4JVP2FGA.png" height=3D"auto" width=3D"48" align=3D"ce=
nter" style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">HOLLYWOOD
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:1=
6px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-hei=
ght:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><=
strong>Matt Belloni
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvdGhlLXRydW1wLXRhcmlmZi1wYWluLWluZGV4LWFuZC1jYWFzLW9mZmVuc2l2ZS1idXliY=
WNrLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI=
5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwN=
jE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MDcwNH0/d0bd8d1e4bd9efa0490da91b53cb=
00f47cc90ae39b1f8ed18c891ab9e997db25" style=3D"text-decoration:underline;co=
lor:#d40000;">gathers the news</a> around town and <a href=3D"https://email=
=2Epuck.news/e/c/eyJlbWFpbF9pZCI6ImRnVD=
J4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1Bp=
SWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvc2hvdWxkLW5ldGZsaXhzLXRlZC1=
zYXJhbmRvcy1zdWNjZWVkLWJvYi1pZ2VyLWF0LWRpc25leS8_dXRtX2NhbXBhaWduPVRoZStCYW=
Nrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCY=
WNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxf=
YWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE=
1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaW=
QiOjIxNTYzMzN9/db0f6b1cbf9c60df8aa5bdb3809794d34dda524141b04d9b3b39b01a095f=
bb02" style=3D"text-decoration:underline;color:#d40000;">pitches</a> the Di=
sney board on a C.E.O. succession candidate.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #000=
;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-ali=
gn:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#3=
9;;font-size:20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"WALL STREET" src=3D"https://userimg-asse=
ts.customeriomail.com/images/client-env-107382/1729520870551_tbs-icon-wall-=
street_01JAQQM95KYVHSVTE1SADVAXTS.png" height=3D"auto" width=3D"48" align=
=3D"center" style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">WALL STREET
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:1=
6px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-hei=
ght:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><=
strong>Bill Cohan
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvd2hhdC1pdC1tZWFucy13aGVuLXRoZS1ib25kLW1hcmtldC1wYW5pY3MtbGlrZS10aGlzL=
z91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHU=
wMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1Z=
TNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE1OTYwNH0/631a390d6a2c546e1b8b08e9fb1b5f46=
a4ac70c1b123578c3b5aeb8a44505458" style=3D"text-decoration:underline;color:=
#d40000;">deciphers</a> the panic in the bond market.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #000=
;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-ali=
gn:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#3=
9;;font-size:20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"SILICON VALLEY" src=3D"https://userimg-a=
ssets.customeriomail.com/images/client-env-107382/1729520870016_tbs-icon-si=
licon-valley_01JAQQM8NZSP98QR3QACE9C8Z3.png" height=3D"auto" width=3D"48" a=
lign=3D"center" style=3D"display:block;height:auto;margin:0 auto;border:0;"=
/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">SILICON VALLEY
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:1=
6px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-hei=
ght:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><=
strong>Eriq Gardner
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvdGhlLXRyaWxsaW9uLWRvbGxhci1xdWVzdGlvbnMtaXMtYWktdHJhaW5pbmctZGF0ZS1mY=
WlyLXVzZS8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYy=
NSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkY=
yNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b2=
1lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIxNTg4NjV9/470703c3048ec5cc162cfee=
b54b8a0ccac291a235e111027929a9d78fda238e1" style=3D"text-decoration:underli=
ne;color:#d40000;">investigates</a> an OpenAI mega-suit.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #000=
;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-ali=
gn:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#3=
9;;font-size:20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"MEDIA" src=3D"https://userimg-assets.cus=
tomeriomail.com/images/client-env-107382/1729520869437_tbs-icon-media_01JAQ=
QM82TC2CJD5T3P72A68MN.png" height=3D"auto" width=3D"48" align=3D"center" st=
yle=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">MEDIA
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:1=
6px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-hei=
ght:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><=
strong>Dylan Byers
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvY25iYy1yYXRpbmdzLXNwaWtlLWFzLW1hcmtldHMtY3Jhc2gvP3V0bV9jYW1wYWlnbj1Ua=
GUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1U=
aGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWV=
tYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNm=
M2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsa=
W5rX2lkIjoyMTU5ODMwfQ/a1f2567e2f9bc12895e84ec3ebdfd17eee1b9df5050b397a0134a=
ed363e95a8b" style=3D"text-decoration:underline;color:#d40000;">assesses</a=
> CNBC=E2=80=99s value to SpinCo.<br/><em>and=E2=80=A6</em><br/><strong>Joh=
n Ourand </strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6Im=
RnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6L=
y9wdWNrLm5ld3MvbG9jYWwtYnJvYWRjYXN0ZXJzLWFyZS1zdGlsbC1hd2FpdGluZy10aGUtZGVh=
dGgtb2YtcnNucy8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTI=
lMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMT=
IlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jd=
XN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwi=
OiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjIxNjAyODd9/f3839640e5189e2922=
3cef6a3ddb70ca661967aaa89420d11e44652925ed9496" style=3D"text-decoration:un=
derline;color:#d40000;">chronicles</a> a sports rights vulture contest.<br/=
><em>meanwhile=E2=80=A6</em><br/><strong>Julia Alexander
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvaG93LXN0cmVhbWluZy1jb3VsZC1zYXZlLW1sYnMtbG9jYWwtcmV2ZW51ZS1jcmlzaXMvP=
3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAw=
MjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTA=
wMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdT=
AwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM=
2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMTU5MTI3fQ/4477de670bf5c1918fbcc6a315c330816=
a3b5574c53a7367594882ccea99968b" style=3D"text-decoration:underline;color:#=
d40000;">considers</a> Major League Baseball=E2=80=99s streaming options.</=
p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #000=
;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-ali=
gn:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#3=
9;;font-size:20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"WASHINGTON" src=3D"https://userimg-asset=
s.customeriomail.com/images/client-env-107382/1729520870794_tbs-icon-washin=
gton_01JAQQM9D691XMPJRQ226EDXSM.png" height=3D"auto" width=3D"48" align=3D"=
center" style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">WASHINGTON
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:1=
6px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-hei=
ght:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><=
strong>Leigh Ann Caldwell
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvaW5zaWRlLXRydW1wcy10YXJpZmYtcHJlc3N1cmUtY2FtcGFpZ24tb24tY2FwaXRhbC1oa=
WxsLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI=
5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwN=
jE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE1OTg2OH0/c12e8138c4d3104bfc0b03d7f317=
440a853693a352c970799dcaa0a9917a87aa" style=3D"text-decoration:underline;co=
lor:#d40000;">relays</a> all the post=E2=80=93Liberation Day agita.<br/><em=
>and=E2=80=A6</em><br/><strong>Julia Ioffe </strong><a href=3D"https://emai=
l.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1B=
pSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW5zaWRlLWxhdXJhLWxvb21lcn=
MtbnNjLXB1cmdlLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxM=
iUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYx=
MiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN=
1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbC=
I6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MDI1OX0/7d21082e9b825723d=
82b72cbfba73a613c8ca5bd164442af566f87a4008f6cc8" style=3D"text-decoration:u=
nderline;color:#d40000;">checks in</a> with <strong>Laura Loomer</strong>.<=
br/><em>meanwhile</em>=E2=80=A6<br/><strong>Peter Hamby
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3MvaG9uZXltb29uLW92ZXItdHJ1bXBzLXBvbGwtbnVtYmVycy1zYXkteWVzLz91dG1fY2Ftc=
GFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21=
lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3=
Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4Z=
DI4IiwibGlua19pZCI6MjE1OTE4MH0/85c9a154b9053e47ea579acd9534689a7e62132a4796=
db6fc784463e55971900" style=3D"text-decoration:underline;color:#d40000;">sc=
rutinizes</a> <strong>Trump</strong>=E2=80=99s deteriorating poll numbers; =
<strong>John Heilemann </strong><a href=3D"https://email.puck.news/e/c/eyJl=
bWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmV=
mIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdHJ1bXBzLXRyYWRlLXdhci1kaXZpZGVzLWVjb25vbWljLW=
Fkdmlzb3JzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyR=
jI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUy=
RjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3R=
vbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6Im=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE1OTE3OX0/f79875c273f001bc80bba=
d53d226a2260d133a7906a16bb4becffa051ea22e9f" style=3D"text-decoration:under=
line;color:#d40000;">evaluates</a> the president=E2=80=99s coalition of the=
 willing; and <strong>Abby Livingston
</strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm=
5ld3Mvc2VuYXRlLXJlcHVibGljYW5zLWRpdmlkZS1vdmVyLWZpZ2h0aW5nLXRydW1wcy10YXJpZ=
mZzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5=
XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI=
5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLm=
lvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwN=
jE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE1ODQ3N30/9bcdfbc758b919c587b5f4d5b57f=
c777df6e852a5a7e20a89580f65bd5018ebe" style=3D"text-decoration:underline;co=
lor:#d40000;">monitors</a> the tariff terrors on the Hill.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-bottom:16px;padding-left:24px;padding-right:24px;padding-=
top:32px;vertical-align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:16px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #000=
;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;text-align:left;line-height:0;"><tbody><tr><td style=3D"vertical-ali=
gn:middle;color:#000;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#3=
9;;font-size:20px;font-weight:700;text-align:left;">
<table class=3D"b" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;displ=
ay:inline-block;padding-left:0px;padding-right:0px;" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation"><tbody><tr><td style=3D"vertical-align:=
middle;text-align:center;padding-top:0px;padding-bottom:0px;padding-left:0p=
x;padding-right:12px;"><img alt=3D"PODCASTS" src=3D"https://userimg-assets.=
customeriomail.com/images/client-env-107382/1729520869698_tbs-icon-podcasts=
_01JAQQM8AY9NH956YXMPQWX3NY.png" height=3D"auto" width=3D"48" align=3D"cent=
er" style=3D"display:block;height:auto;margin:0 auto;border:0;"/>
</td><td style=3D"font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;=
font-size:20px;font-weight:700;color:#000;vertical-align:middle;letter-spac=
ing:undefined;text-align:left;line-height:normal;">PODCASTS
</td></tr></tbody></table>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;padding-top:1=
6px;"><div style=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;=
,&#39;Arial&#39;;font-size:17px;font-weight:400;letter-spacing:0px;line-hei=
ght:1.5;text-align:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">D=
ylan and Bill get into the trade war media games on
<a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktO=
T05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9=
kY2FzdF9lcGlzb2RlL2MtZS1vLXMtYW5kLW1hcmtldC13b2VzLz91dG1fY2FtcGFpZ249VGhlK0=
JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK=
0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFp=
bF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA=
2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua1=
9pZCI6MjE1ODQ3OX0/e99f8a8df538a834506bc08156bec065126d3cb1995b75f03a4a30bbe=
a5ad7ea" style=3D"text-decoration:underline;color:#d40000;"><em>The Grill R=
oom</em></a>.<br/><em>and=E2=80=A6</em><br/>ESPN=E2=80=99s <strong>Peter Sc=
hrager </strong>discusses <strong>Roger Goodell</strong>=E2=80=99s future w=
ith John on <a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4=
Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWN=
rLm5ld3MvcG9kY2FzdF9lcGlzb2RlL3RoZS1lc3BuLW1pZ3JhdGlvbi8_dXRtX2NhbXBhaWduPV=
RoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50P=
VRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09=
ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY=
2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsIm=
xpbmtfaWQiOjIxNTk1MzR9/0cc85b1787714351ba9560b24a79f264c96488b91ee801868106=
07e17b7b4c5d" style=3D"text-decoration:underline;color:#d40000;"><em>The Va=
rsity</em></a>.<br/><em>and=E2=80=A6</em><br/>Lauren and Dimepiece founder =
<strong>Brynn Wallner </strong>trade notes
on <strong>Radhika</strong> replacements at <em>VF </em>on <a href=3D"https=
://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlq=
UHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY2FzdF9lcGlzb2R=
lL2ZsaXAtZmxvcGdhdGUtYW5kLXZhbml0eS1mYWlyLWd1ZXNzaW5nLWdhbWVzLz91dG1fY2FtcG=
FpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2Nvb=
nRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21l=
ZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3R=
lcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZD=
I4IiwibGlua19pZCI6MjE1ODQ3OH0/21dd12137222b2d298f0debee0f9ab40f0f5bb757e857=
0eb52c4174a8794a244" style=3D"text-decoration:underline;color:#d40000;"><em=
>Fashion People</em></a>.<br/><em>and=E2=80=A6</em><br/>Heilemann chats wit=
h cybersecurity expert and Trump antagonist <strong>Chris Krebs </strong>on=
 <a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTkt=
OT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG=
9kY2FzdF9lcGlzb2RlL2NocmlzLWtyZWJzLWN5YmVyYXR0YWNrcy1jeWJlcmRlZmVuc2VzLXRyd=
W1wLTItMHMtY3liZXJzdXJyZW5kZXIvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVB=
RFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEV=
BRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNn=
V0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyO=
CIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMTYxMjc5fQ/6=
651951d599cc3403f4b65dce1f4549068dc9b09ff147534609aaf5960a9adf8" style=3D"t=
ext-decoration:underline;color:#d40000;"><em>Impolitic</em></a>.<br/><em>an=
d=E2=80=A6</em><br/>Matt
explores the fan equity model with director <strong>Eli Roth </strong>on <a=
 href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT0=
5LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvcG9kY=
2FzdF9lcGlzb2RlL2RpcmVjdG9yLWVsaS1yb3RoLXdpbGwta2lsbC15b3Utb24tc2NyZWVuLWZv=
ci0xLW1pbGxpb24vP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRjE=
yJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRj=
EyJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y=
3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFs=
IjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoyMTYwMDYyfQ/c33c6da8121203cb=
547a454ee46705d9596f9c69eafef8dc5a09413ca6dbecf2" style=3D"text-decoration:=
underline;color:#d40000;"><em>The Town</em></a>. <br/><em>and=E2=80=A6</em>=
<br/>Julia Alexander and Peter debate Apple=E2=80=99s tariff vulnerabilitie=
s on <a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5=
TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3=
MvcG9kY2FzdF9lcGlzb2RlL2ZhYW5ncy1vdXQtZm9yLWhvbGx5d29vZC8_dXRtX2NhbXBhaWduP=
VRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50=
PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW0=
9ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPW=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsI=
mxpbmtfaWQiOjIxNTk1MzV9/5f6de111ef75ef06ce686d71d1614ee09f0ae34f752918702aa=
13b90cdf802b6" style=3D"text-decoration:underline;color:#d40000;"><em>The P=
owers That Be</em></a>.</p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><p style=3D"margin:0;"><em>As a reminder=
, you can update your profile at any time to get more stories like these di=
rectly in your
inbox. <strong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnV=
DJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9w=
dWNrLm5ld3MvbmV3c2xldHRlcnMvP3V0bV9jYW1wYWlnbj1UaGUrQmFja3N0b3J5Ky0rTEVBRFM=
rJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fY29udGVudD1UaGUrQmFja3N0b3J5Ky0rTEVBRF=
MrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0b=
V9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIs=
ImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoxNTZ9/fc000dcdbf=
6b2faf966549e6be92779cb3f603f70e99a6684631a696c252b4bd" target=3D"_blank" r=
el=3D"noopener" style=3D"text-decoration:underline;color:#d40000;">Click he=
re</a></strong> to customize your email settings.</em></p></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:32px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"30%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbod=
y><tr><td style=3D"font-size:1px;line-height:1px;border-top:2px solid #d400=
00;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:32px;padding-left:24px;padding-right:24p=
x;text-align:center;width:100%;"><h3 style=3D"margin:0;color:#000000;direct=
ion:ltr;font-family:&#39;PuckSerifDisplay&#39;,&#39;Georgia&#39;;font-size:=
24px;font-weight:400;letter-spacing:normal;line-height:1.2;text-align:cente=
r;margin-top:0;margin-bottom:0;mso-line-height-alt:29px;">Word Is Bond</h3>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:27px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">On Thursday after=
noon, I met an investor friend for lunch at The Odeon, Puck=E2=80=99s prefe=
rred canteen in our
still-newish habitat south of Canal Street. Walking to the restaurant, I sl=
ipped into a fugue state recollecting financial crises of yore. After all, =
<strong>Trump</strong>=E2=80=99s mounting, unilateral tariff escapade was g=
iving <em>real</em> 2008 vibes. The sensation grew as I ambled from our hea=
dquarters on lower Greenwich Street, past the New York Fed and the once-Occ=
upied Zuccotti Park. To my left, Goldman=E2=80=99s gleaming riverside headq=
uarters; to my right, the nondescript office tower from whence
former AIG C.E.O. <strong>Hank Greenberg </strong>once promiscuously deploy=
ed his legions of credit default swaps. It was a veritable market meltdown =
hall of fame.<br/><br/>The effects of the turmoil were etched on the faces =
of nearly everyone I passed: the Alo moms, the Stone Island finance dads, t=
he nepo middle-agers, the municipal workers, and the many other tribes that=
 populate modern Tribeca. Even if Trump had yielded to <strong>Scott Bessen=
t</strong>=E2=80=99s pleas and announced his 90-day =E2=80=9Cpause=E2=80=9D
a day earlier, no one was looking at their Fidelity account.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid #d40000;padd=
ing-bottom:32px;padding-left:24px;padding-right:24px;padding-top:32px;
vertical-align:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:16px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2;text-ali=
gn:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A MESSAGE FROM MC=
KINSEY &amp; COMPANY</p></div>
</td></tr></tbody></table>
<table class=3D"j oq n5" width=3D"100%" border=3D"0" cellpadding=3D"0" cell=
spacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table=
-rspace:0pt;"><tbody><tr><td style=3D"padding-bottom:16px;width:100%;"><div=
 class=3D"r" align=3D"center"><div style=3D"max-width:552px;"><a href=3D"ht=
tps://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZO=
UlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubWNraW5zZXkuY29tL2NhcGFi=
aWxpdGllcy9nZW9wb2xpdGljcy9vdXItaW5zaWdodHMvYS1wcm9hY3RpdmUtYXBwcm9hY2gtdG8=
tbmF2aWdhdGluZy1nZW9wb2xpdGljcy1pcy1lc3NlbnRpYWwtdG8tdGhyaXZlP2NlbnQtcG1lLX=
Bjay1tYm0tbWFiY2swMS1uYW0taXBcdTAwMjZ1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK=
0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSst=
K0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTA=
wMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkND=
hkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MTI3N=
n0/d2adbab0e8267e16a169334c921fd707ee9b86f289117a1ed1c65f1f053e17cc" target=
=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://user=
img-assets.customeriomail.com/images/client-env-107382/1744383540682_Puck%2=
0ad%20desktop%20geopolitics%205_01JRJNRZHWAXCATANZN05ZD38X.png" style=3D"di=
splay:block;height:auto;border:0;width:100%;" width=3D"552" alt=3D"McKinsey=
 &amp; Company" title=3D"McKinsey &amp; Company" height=3D"auto"/></a></div=
></div>
</td></tr></tbody></table>
<table class=3D"j n" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rsp=
ace:0pt;mso-hide:all;display:none;max-height:0;overflow:hidden;"><tbody><tr=
><td style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" align=3D"ce=
nter"><div style=3D"max-width:552px;"><a href=3D"https://email.puck.news/e/=
c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iL=
CJocmVmIjoiaHR0cHM6Ly93d3cubWNraW5zZXkuY29tL2NhcGFiaWxpdGllcy9nZW9wb2xpdGlj=
cy9vdXItaW5zaWdodHMvYS1wcm9hY3RpdmUtYXBwcm9hY2gtdG8tbmF2aWdhdGluZy1nZW9wb2x=
pdGljcy1pcy1lc3NlbnRpYWwtdG8tdGhyaXZlP2NlbnQtcG1lLXBjay1tYm0tbWFiY2swMS1uYW=
0taXBcdTAwMjZ1dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyR=
jI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUy=
RjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3R=
vbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6Im=
Y2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MTI3Nn0/d2adbab0e8267e16a1693=
34c921fd707ee9b86f289117a1ed1c65f1f053e17cc" target=3D"_blank" style=3D"out=
line:none" tabindex=3D"-1"><img src=3D"https://userimg-assets.customeriomai=
l.com/images/client-env-107382/1744383538324_Puck%20ad%20mobile%20geopoliti=
cs%205_01JRJNRXD06TVCP1PXZ7X3M5HA.png" style=3D"display:block;height:auto;b=
order:0;width:100%;" width=3D"552" alt=3D"McKinsey &amp; Company" title=3D"=
McKinsey &amp; Company" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td><div style=3D"color:#000000;direction:ltr;=
font-family:&#39;Inter&#39;,&#39;Arial&#39;;font-size:17px;font-weight:400;=
letter-spacing:0px;line-height:1.2;text-align:left;mso-line-height-alt:20px=
;"><p style=3D"margin:0;margin-bottom:0px;">Geopolitical forces continue to=
 reshape global trade, investment flows, and competitive dynamics.<br/><br/=
>Leading
organizations respond by strengthening three core areas: growth strategy, o=
perational efficiency, and capabilities to navigate disruption.</p><p style=
=3D"margin:0;margin-bottom:0px;">=C2=A0</p><p style=3D"margin:0;"><strong><=
a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly93d3cubWNraW5zZXku=
Y29tL2NhcGFiaWxpdGllcy9nZW9wb2xpdGljcy9vdXItaW5zaWdodHMvYS1wcm9hY3RpdmUtYXB=
wcm9hY2gtdG8tbmF2aWdhdGluZy1nZW9wb2xpdGljcy1pcy1lc3NlbnRpYWwtdG8tdGhyaXZlP2=
NlbnQtcG1lLXBjay1tYm0tbWFiY2swNS1uYW0taXBcdTAwMjZ1dG1fY2FtcGFpZ249VGhlK0JhY=
2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0Jh=
Y2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9=
hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MT=
VlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZ=
CI6MjE2MTI4MH0/02ae416f5f620ba62b49cc63c1fa81bbec0d0f147f1dc0632653d15fee5d=
c76a" target=3D"_blank" style=3D"text-decoration:underline;color:#2200cc;" =
rel=3D"noopener">Create value amidst
turbulence</a></strong></p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:32px;vertical-al=
ign:top;">
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><p style=3D"margin:0;">Naturally, my pal=
 and I began by kibitzing about the markets and the tariffs. As he was serm=
onizing and
hypothesizing about the second- and third-order effects=E2=80=94this was hi=
s business, after all=E2=80=94I walked him through a <strong>Bill Cohan </s=
trong>piece we=E2=80=99d published the previous evening, laying out the sho=
es that the most important players on Wall Street expect to drop next. The =
story was titled, <a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6Im=
RnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6L=
y9wdWNrLm5ld3Mvd2hhdC1pdC1tZWFucy13aGVuLXRoZS1ib25kLW1hcmtldC1wYW5pY3MtbGlr=
ZS10aGlzLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI=
1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRj=
I1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3Rvb=
WVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2=
YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE1OTYwNH0/631a390d6a2c546e1b8b08e=
9fb1b5f46a4ac70c1b123578c3b5aeb8a44505458" style=3D"text-decoration:underli=
ne;color:#d40000;"><em>When the Bond Market Panics Like This=E2=80=A6</em><=
br/><br/></a>Readers of this
Saturday pastoral know of my infinite fondness for Bill, whom I=E2=80=99ve =
worked with for more than a decade and am honored to call a partner at all =
times, but <em>especially</em> times like these. Bill has the unfair advant=
age of having spent a quarter-century in the senior rungs of premier financ=
ial institutions, including Lazard and JPMorgan, before deciding to switch =
careers and become the culture=E2=80=99s most important financial journalis=
t. I=E2=80=99d woken up at dawn on Wednesday to read his first draft on
the White House=E2=80=93induced market collapse, and was stunned by his pre=
scient warning of how easily America=E2=80=99s largest foreign creditors co=
uld rattle our economic cages. Bill had foreseen the blinking red lights th=
at prompted Trump himself to get <em>yippy</em>. As I told my lunch compani=
on, Bill=E2=80=99s analysis had anticipated this entire chapter of Trump=E2=
=80=99s economic misadventure.<br/><br/>You don=E2=80=99t need me to tell y=
ou that we=E2=80=99re living in strange and uncertain, if not unexciting, t=
imes. And I couldn=E2=80=99t more
strongly recommend that you spend some quiet time this weekend with CNBC on=
 mute as you dig into <em>When the Bond Market Panics Like This=E2=80=A6</e=
m>. It=E2=80=99s the most elegant, thoughtful, and cogent explanation of ou=
r manufactured semi-recession that you=E2=80=99ll find anywhere. And Bill w=
ill have more in Dry Powder, his private email <em>par excellence</em>, tom=
orrow. (<a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lE=
QU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5=
ld3MvbmV3c2xldHRlcnMvZHJ5LXBvd2Rlci8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLS=
tMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrL=
StMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUw=
MDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ=
4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjI5OTYzfQ=
/a0f96dac5566c72e34938b75121de39963cf6f4610db4b48cdcee2d364a915ea" style=3D=
"text-decoration:underline;color:#d40000;">Sign up here</a> to make sure yo=
u don=E2=80=99t
miss a beat.)<br/><br/>Meanwhile, if you=E2=80=99re looking to unplug from =
the financial news this weekend, I=E2=80=99d turn your attention to an abso=
lute gem of a <strong>Julia Ioffe </strong>joint. Since last Friday, when t=
he MAGA influencer <strong>Laura Loomer </strong>touched off a firing spree=
 at the N.S.C., the blob and bureaucracy have been wondering what <em>reall=
y </em>happened. Surely, there had to be something more afoot than a pot-st=
irring Millennial firecracker pouring poison in the ear of the
president. But, as Julia explains in <a href=3D"https://email.puck.news/e/c=
/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLC=
JocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW5zaWRlLWxhdXJhLWxvb21lcnMtbnNjLXB1cmdlL=
z91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUw=
MDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHU=
wMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXH=
UwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1Z=
TNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjE2MDI1OX0/7d21082e9b825723d82b72cbfba73a61=
3c8ca5bd164442af566f87a4008f6cc8" style=3D"text-decoration:underline;color:=
#d40000;"><em>Fruit of the Loomer</em></a>, all hopes of sanity should be d=
ashed. Indeed, the backstory of how the N.S.C. got <em>Loomered </em>(her e=
xpression, not mine) is one of the stories of our time, and precisely what =
you should expect from Puck.</p></div>
</td></tr></tbody></table>
<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;"><tbody><tr><td style=3D"padding-bottom:32px;"><div class=3D"r" ali=
gn=3D"center">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"30%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbod=
y><tr><td style=3D"font-size:1px;line-height:1px;border-top:2px solid #d400=
00;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"><div style=
=3D"color:#000000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;=
;font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><p style=3D"margin:0;margin-bottom:0px;"=
>Have a great weekend,</p><p style=3D"margin:0;">Jon</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;vertical-align:top;">
<table class=3D"j" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;"><tbody><tr><td style=3D"width:100%;"><div class=3D"r" align=3D"cent=
er"><div style=3D"max-width:552px;"><a href=3D"https://email.puck.news/e/c/=
eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJ=
ocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvam9pbi8_dXRtX2NhbXBhaWduPVRoZStCYWNrc3Rvcn=
krLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3Rvc=
nkrLStMRUFEUyslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9u=
XHUwMDI2dXRtX3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzA=
xZDQ4ZDI4IiwiaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjU1OD=
Y3OX0/ecd8a48109243261f0dea84a42f4099c6da8ceecc3013d36977facb25c0b83f5" tar=
get=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img src=3D"https://u=
serimg-assets.customeriomail.com/images/client-env-107382/1738620896936_lea=
ds-image-generic-update-2025-02-03_01JK6Y31Q47TYPV5EA9013RYAB.jpg" style=3D=
"display:block;
height:auto;border:0;width:100%;" width=3D"552" alt=3D"Start your free tria=
l today" title=3D"Start your free trial today" height=3D"auto"/></a></div><=
/div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-=
rspace:0pt;"><tbody><tr><td>
<table class=3D"c i" align=3D"center" border=3D"0" cellpadding=3D"0" cellsp=
acing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-r=
space:0pt;background-color:#ffffff;border-radius:0;color:#000000;width:600p=
x;margin:0 auto;" width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%=
" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;vertical-align:top;">
<table class=3D"j" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspac=
e:0pt;"><tbody><tr><td style=3D"padding-bottom:32px;padding-top:32px;width:=
100%;"><div class=3D"r" align=3D"center"><div style=3D"max-width:552px;"><i=
mg src=3D"https://userimg-assets.customeriomail.com/images/client-env-10738=
2/1738778509539_footer-logo-desktop-update-2025-02-05_01JKBMD09PMV7KY6RTKWS=
S42R2.png" style=3D"display:block;height:auto;border:0;width:100%;" width=
=3D"552" alt=3D"Puck" title=3D"Puck" height=3D"auto"/></div></div>
</td></tr></tbody></table>
<table class=3D"z oq" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rs=
pace:0pt;"><tbody><tr><td style=3D"padding-bottom:32px;text-align:center;pa=
dding-right:0px;padding-left:0px;"><div class=3D"r" align=3D"center">
<table class=3D"y" width=3D"208px" border=3D"0" cellpadding=3D"0" cellspaci=
ng=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspa=
ce:0pt;display:inline-block;"><tbody><tr><td style=3D"padding:0 10px 0 10px=
;"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TT=
ktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9mYWNlYm9vay5j=
b20vcHVja2RvdG5ld3M_dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JTJ=
GMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEUyslMjg0JT=
JGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRtX3NvdXJjZ=
T1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwiaW50ZXJu=
YWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjEwfQ/1642827c52d3cd8e572e=
8fcd0b297e323e26688da8e6239abeb7175cf19a2d3d" target=3D"_blank"><img src=3D=
"https://d15k2d11r6t6rl.cloudfront.net/pub/bfra/0r5b4t0n/t11/lt4/v5y/footer=
-social-facebook.png" width=3D"32" height=3D"auto" alt=3D"Facebook" title=
=3D"Facebook" style=3D"display:block;height:auto;border:0;"/></a>
</td><td style=3D"padding:0 10px 0 10px;"><a href=3D"https://email.puck.new=
s/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsT=
T0iLCJocmVmIjoiaHR0cHM6Ly90d2l0dGVyLmNvbS9QdWNrTmV3cz91dG1fY2FtcGFpZ249VGhl=
K0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGh=
lK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbW=
FpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjN=
jA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlu=
a19pZCI6MTF9/0805bdc26abfcc4f6f85374dd7b79ff2d2d6dbebf29d1ae3387e8b1d21998a=
a4" target=3D"_blank"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/pub=
/bfra/0r5b4t0n/n25/uhh/ueo/footer-social-twitter.png" width=3D"32" height=
=3D"auto" alt=3D"Twitter" title=3D"Twitter" style=3D"display:block;height:a=
uto;border:0;"/></a>
</td><td style=3D"padding:0 10px 0 10px;"><a href=3D"https://email.puck.new=
s/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsT=
T0iLCJocmVmIjoiaHR0cHM6Ly9pbnN0YWdyYW0uY29tL3B1Y2tkb3RuZXdzP3V0bV9jYW1wYWln=
bj1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fY29udGV=
udD1UaGUrQmFja3N0b3J5Ky0rTEVBRFMrJTI4NCUyRjEyJTJGMjUlMjlcdTAwMjZ1dG1fbWVkaX=
VtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVyb=
T1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgi=
LCJsaW5rX2lkIjoxMn0/e7c657ac14e498b664f117aead3e015c9c5287fa353dd5e53380fde=
457b8315d" target=3D"_blank"><img src=3D"https://d15k2d11r6t6rl.cloudfront.=
net/pub/bfra/0r5b4t0n/hfx/bkm/tv2/footer-social-instagram.png" width=3D"32"=
 height=3D"auto" alt=3D"Instagram" title=3D"Instagram" style=3D"display:blo=
ck;height:auto;border:0;"/></a>
</td><td style=3D"padding:0 10px 0 10px;"><a href=3D"https://email.puck.new=
s/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsT=
T0iLCJocmVmIjoiaHR0cHM6Ly9saW5rZWRpbi5jb20vY29tcGFueS9wdWNrbmV3cz91dG1fY2Ft=
cGFpZ249VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2N=
vbnRlbnQ9VGhlK0JhY2tzdG9yeSstK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2=
1lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX=
3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4=
ZDI4IiwibGlua19pZCI6MTN9/f649419c48e22941201671146a1e3e57f5cf533f520c2446a0=
63cc3264d52201" target=3D"_blank"><img src=3D"https://d15k2d11r6t6rl.cloudf=
ront.net/pub/bfra/0r5b4t0n/z5a/sg3/kgl/footer-social-linkedin.png" width=3D=
"32" height=3D"auto" alt=3D"LinkedIn" title=3D"LinkedIn" style=3D"display:b=
lock;height:auto;border:0;"/></a>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"><div style=
=3D"color:#000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;fo=
nt-size:14px;font-weight:400;letter-spacing:0px;line-height:1.2;text-align:=
left;mso-line-height-alt:17px;"><p style=3D"margin:0;margin-bottom:16px;">N=
eed help? Review our=C2=A0<strong><a href=3D"https://email.puck.news/e/c/ey=
JlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJoc=
mVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvZmFxLz91dG1fY2FtcGFpZ249VGhlK0JhY2tzdG9yeSst=
K0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9VGhlK0JhY2tzdG9yeSs=
tK0xFQURTKyUyODQlMkYxMiUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdT=
AwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkN=
DhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjU1NDM1=
fQ/4512c263f41dca3af4bfd48bcadd78fc9b03e7b2cdd951b87a5aea02fa4f53e3" target=
=3D"_blank" title=3D"FAQs page" style=3D"text-decoration:none;color:#d40000=
;" rel=3D"noopener">FAQ page</a></strong>=C2=A0or=C2=A0<strong><a href=3D"m=
ailto:fritz@puck.news?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%2=
9&amp;utm_content=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&amp;utm_medium=
=3Demail_action&amp;utm_source=3Dcustomer.io&amp;utm_term=3Df6c60615e3d301d=
48d28" target=3D"_blank" rel=3D"noopener" title=3D"contact us" style=3D"tex=
t-decoration:underline;color:#d40000;">contact us</a></strong>=C2=A0for ass=
istance. For brand partnerships, email=C2=A0<strong><a href=3D"mailto:ads@p=
uck.news?utm_campaign=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&amp;utm_con=
tent=3DThe+Backstory+-+LEADS+%284%2F12%2F25%29&amp;utm_medium=3Demail_actio=
n&amp;utm_source=3Dcustomer.io&amp;utm_term=3Df6c60615e3d301d48d28" target=
=3D"_blank" rel=3D"noopener" title=3D"brand partnerships" style=3D"text-dec=
oration:
underline;color:#d40000;">ads@puck.news</a></strong>.</p><p style=3D"margin=
:0;">You received this email because you signed up to receive emails from P=
uck, or as part of your Puck account associated with enzo@showfile.com. To =
stop receiving this newsletter and/or manage all your email preferences, <s=
trong><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU=
5TTktOT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld=
3MvdW5zdWJzY3JpYmUvP3N1YnNjcmlwdGlvbj10aGVfYmFja3N0b3J5XHUwMDI2ZW1haWw9ZW56=
b0BzaG93ZmlsZS5jb21cdTAwMjZkZWxpdmVyeV9pZD1kZ1QyeGdZREFOU05LTk9OS0FHV0toWTl=
JalByektQaUlpaWdSbE09XHUwMDI2dXRtX2NhbXBhaWduPVRoZStCYWNrc3RvcnkrLStMRUFEUy=
slMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9jb250ZW50PVRoZStCYWNrc3RvcnkrLStMRUFEU=
yslMjg0JTJGMTIlMkYyNSUyOVx1MDAyNnV0bV9tZWRpdW09ZW1haWxfYWN0aW9uXHUwMDI2dXRt=
X3NvdXJjZT1jdXN0b21lci5pb1x1MDAyNnV0bV90ZXJtPWY2YzYwNjE1ZTNkMzAxZDQ4ZDI4Iiw=
iaW50ZXJuYWwiOiJmNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImxpbmtfaWQiOjY4MDUyMn0/60333b=
5bf040f4f170c01454a21a28daf1c14a84a7dcbfc687898fc771878797" target=3D"_blan=
k" title=3D"email preferences" style=3D"text-decoration:
underline;color:#d40000;" rel=3D"noopener">click here</a></strong>.</p></di=
v>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"padding-bottom:32px;"><div class=3D"r" align=3D"center"=
>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentatio=
n" width=3D"100%" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbo=
dy><tr><td style=3D"font-size:1px;line-height:1px;border-top:1px solid #d9d=
9d9;"><span style=3D"word-break:break-word;">=E2=80=8A</span>
</td></tr></tbody></table></div>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=
=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-b=
reak:break-word;"><tbody><tr><td style=3D"padding-bottom:32px;"><div style=
=3D"color:#000;direction:ltr;font-family:&#39;Inter&#39;,&#39;Arial&#39;;fo=
nt-size:14px;font-weight:400;letter-spacing:0px;line-height:1.2;text-align:=
left;mso-line-height-alt:17px;"><p style=3D"margin:0;">Puck is published by=
 Heat Media LLC.=C2=A0107=C2=A0Greenwich=C2=A0St, New York, NY 10006</p></d=
iv>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>


<img src=3D"https://email.puck.news/e/o/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTkt=
OT05LQUdXS2hZOUlqUHJ6S1BpSWlpZ1JsTT0ifQ=3D=3D" style=3D"height: 1px !import=
ant; max-height: 1px !important; max-width: 1px !important; width: 1px !imp=
ortant; display: none !important;" alt=3D""/></body></html>
--e9d99dbcc503dd9c27260ba81672416d7f353495d5a8a3781db6163569bc--