

Weekend edition
πGreat news for slowpokes like me: Multiple studies now show that the greatest benefit to mortality from running is only about 10 minutes per day at a 10:00/mile pace.
Many people can run faster and longer, by all means, but the net mortality benefit falls off pretty drastically.
Itβs reassuring that a light jog here and there can go a long way. Once that βrunnerβs highβ feeling comes along, Iβm off for a celebratory beer or sandwich π»
Speaking of food, today we'll discuss the incredible $4 billion Pixar lunch.
All this, and more, in just 4 minutes to read.
β Matthew
QUOTE OF THE DAY
"Interest rates are to asset prices what gravity is to the apple.
When there are low-interest rates, there is a very low gravitational pull on asset prices. β¦The most important item over time in valuation is obviously interest rates."
β Warren Buffett
BROUGHT TO YOU BY
Unlock a world of insights with Shortform!
Have a shelf full of unread books? Shortform can help you learn (and retain) the world's best ideas in a fraction of the time with detailed book guides. From business to self-improvement, Shortform has you covered.
Comprehensive coverage - not just a 1-pager
Detailed book guides, including audio versions
AI browser extension that summarizes anything on the internet
Donβt just skim the surface β get Shortform today for the price of one book per month.
Ready to embark on the journey?
WHAT ELSE WEβRE INTO
πΊ WATCH: How to actively listen, even during difficult conversations
π§ LISTEN: Preparing for the bear market to come with Gautam Baid
π READ: Netflix co-founder Marc Randolph on wealth and freedom
KNOWLEDGE TEST
Scoring a perfect 5/5 on We Study Market's Weekly News Quiz reportedly feels like having a successful heart-to-heart with a close friend or loved one.
Itβs that satisfying. Ace the quiz.
PIXARβS $4 BILLION LUNCH
Back of a napkin
Big ideas tend to start on the back of napkins, from Oprahβs media empire to Harry Potter to Shark Week.Β
Even a handful of Pixar films that registered huge numbers at the box office began as ideas sketched on the back of napkins. For Pixar, perhaps the most monumental moment in company history came on napkins during a single lunch.Β
It all boils down to a summer 1994 meeting when Pixar creators were wrapping up βToy Story.βΒ
"'Toy Story' was almost complete and we thought, well geez, if we're going to make another movie we have to get started now,β noted writer and director Andrew Stanton, who joined Pixar in 1990 as its second animator and ninth employee.
Over lunch at Hidden City CafΓ© in Point Richmond, California β near Pixarβs main office outside of San Francisco β they sketched on napkins the characters that would be central to the films βA Bugβs Life,β βMonsterβs, Inc.,β βFinding Nemoβ and βWall-E.β
Those films and their sequels have together grossed roughly $4 billion and helped Pixar become a household name.Β
Idea machines
Pixar was anti-corporate in many ways: CEO John Lasseter announced Disney was buying the company in 2006 (a $7.4 billion acquisition) while wearing a Hawaiian shirt and jeans. Employees rode scooters and played foosball at the office long before other firms created relaxed office environments.Β
Β βItβs like a film school with no teachers,β Stanton told The New York Times in 2008. βEveryone actually wants you to take risks.β
On Wall-E, βWe said: βWhat if humanity left and some little robot got left on and kept doing the same thing forever?β β Stanton said. βThat was the saddest character Iβd ever heard of.β
Stanton also wrote and directed a story about a fish father searching for his son, the 2003 film βFinding Nemo.β That earned $340 million in the U.S. and $865 million worldwide.Β
"Well, I'm trying to dispel a little bit of it before it turns too mythical," Stanton later said of the lunch. "The truth is, there are people who worked really hard at making things like 'Monsters' and 'Nemo' really turn into the great stories they were way after those lunches."
The lunch helped Pixar become one of the biggest studios in animation history.
Something special
As of this summer, its films have earned over $15 billion at the global box office, averaging $546.9 million per film. Toy Story 3 (2010), Finding Dory (2016), Incredibles 2 (2018), and Toy Story 4 (2019) each grossed over $1 billion, among the highest-grossing films of all time.
The people at the lunch progressed into new roles, too. Lasseter directed βA Bugβs Lifeβ and then became Disneyβs chief creative officer. Doctor directed βMonsters, Inc.,β and Stanton directed βFinding Nemoβ and "Wall-E.β
The Hidden City CafΓ© closed in 2012, but thereβs even a brief scene in Monsters, Inc. when Sully and Mike pass by an animated version of the restaurant.Β
βThere was something special that happened when John, Joe, Pete, and I would get in a room,β Stanton said. βWhether it was furthering an idea or coming up with something, we just brought out the best in each other.β
The $4 billion payout
Itβs a great story that shows how creativity and a little space to breathe can lead to enormous business success. Pixar creators spent hours sketching ideas, developing them in meetings, and improvising.
Steve Jobs made Pixarβs headquarters an open area where everyone had to pass through, maximizing the chances that employees from different divisions would run into each other and talk about ideas.Β
βI was trying to find any other beliefs like that I had as a kid,β Stanton said.
βAnd I knew that there were monsters hiding in my closet waiting to scare me. So we started exploring that. And Iβm not sure who asked, but they said, Why? Why are there monsters waiting to scare kids? What do the monsters get out of it? Thatβs what sparked the whole concept.β
For Finding Nemo, Stanton remembers going to the dentist as a child, watching fish in tanks, and wondering, where did they go? Whereβs home for them?
A blend of creativity and curiosity drove Pixar to enormous financial success.
In all, Toy Story brought in $245 million, Hollywoodβs best film in 1995. Jobs used that success for Pixarβs IPO. Other films originated from that lunch performed quite well, too:
1998: A Bugβs Life, $363 million
2001: Monsters, Inc., $529 million
2003: Finding Nemo, $871 million
2006: Disney buys Pixar for $7.4 billion; Jobs paid just $5 million to George Lucas for the company in 1986
2008: Wall-E, $521 million
2013: Monsters University, $744 million
2016: Finding Dory, $1 billion
Dive deeper
For more, check out the Wall-E trailer that detailed the historic lunch.
See you next time!
Enjoy reading this newsletter? Forward it to a friend.
Was this newsletter forwarded to you? Sign up here.
Advertise with us.
Follow us on Twitter.
Keep an eye on your inbox for our newsletters on weekdays around 6pm EST and on weekends. If you have any feedback for us, simply respond to this email.
You can also leave your comments/suggestions/feedback anonymously here.
What did you think of today's newsletter?
All the best,


P.S. The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more!
Join our subreddit r/TheInvestorsPodcast today!
Β© The Investor's Podcast Network content is for educational purposes only. The calculators, videos, recommendations, and general investment ideas are not to be actioned with real money. Contact a professional and certified financial advisor before making any financial decisions. No one at The Investor's Podcast Network are professional money managers or financial advisors. The Investorβs Podcast Network and parent companies that own The Investorβs Podcast Network are not responsible for financial decisions made from using the materials provided in this email or on the website.



