Good morning. Today is the Ides of March, and to celebrate Max will betray Neal around 2pm ET. Who will you be betraying today? —Neal Freyman, Max Knoblauch | | | |  | Nasdaq | 12,581.22 | | | | | S&P | 4,173.11 | | |  | Dow | 32,945.24 | | | | | 10-Year | 2.144% | | | | | Bitcoin | $38,769.96 | | | | | Netflix | $331.01 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: Welcome to a bear market! The Nasdaq closed down more than 20% from its peak. For Netflix, it's like its big pandemic boom never happened—shares have fallen to their lowest level since March 2020.
- Ukraine: An evacuation convoy of 160 cars was able to leave the besieged city of Mariupol, where residents are facing critical shortages of essential goods. Ukrainian President Volodymyr Zelensky will deliver a virtual address to Congress on Wednesday.
| | Francis Scialabba Vladimir Putin's invasion of Ukraine has sent a wake-up call to European countries that have let their militaries languish like an unattended houseplant. Germany said it will buy 35 F-35 fighter jets and 15 Eurofighters to replace its geriatric fleet of Tornado jets. It's the country's first major deal since announcing a radical upgrade to its armed forces last month worth $112 billion. Why is that so radical? Because Germany, ashamed of the atrocities it committed in World War II, has been diverting funds away from its military for decades. That's resulted in a stunning, and sometimes comical, lack of preparedness: - More than 20% of Germany's core weaponry isn't combat-ready, and only 40% of its helicopters are available for deployment, according to Bloomberg.
- During one military exercise in 2014, a tank unit resorted to using broomsticks instead of machine guns.
This underinvestment did not go unnoticed in the US, which felt like the friend who always has to foot the bill at dinner. Former President Trump repeatedly knocked NATO allies, and Germany in particular, for not fulfilling their commitment to spend 2% of GDP on defense. Putin changed all that Germany, which is currently spending ~1.5% of GDP on its military, announced plans to hike defense spending to more than 2% of GDP last month. Other European countries are doing the same: - Sweden (not a NATO member) said it would boost military spending to 2% of GDP "as soon as possible," citing the worsening security situation in the region.
- Denmark is aiming to hit 2% of GDP on defense spending by 2033. "Historic times call for historic decisions," Danish Prime Minister Mette Frederiksen said.
What about the US? The war in Ukraine has shifted the mindset on Capitol Hill, too. Democrats who previously opposed increased Pentagon spending, like Chairman of the Armed Services Committee Rep. Adam Smith, acknowledged that the game has changed. "The Russian invasion of Ukraine fundamentally altered what our national security posture and what our defense posture needs to be," Smith said.—NF | | Screenshot of Channel One 🪧 Courageous protest: Marina Ovsyannikova, an employee at Russian state TV station Channel One, interrupted its evening newscast with a sign that read, "Stop the war. Don't believe propaganda. They're lying to you." In a video recorded before the incident, Ovsyannikova blamed Putin for the war and said she was "ashamed" of her work that "allowed the Russian people to be zombified," according to the FT's Max Seddon. Ovsyannikova has reportedly been detained by police.  Chinese stocks were routed in historic fashion. Chinese companies listed in Hong Kong had their worst day since the 2008 financial crisis due to a combo of spiraling Covid cases in China, regulatory crackdowns, and Beijing's cozy relationship with a heavily sanctioned Russia. China's mainland is currently suffering its worst Covid outbreak since the beginning of the pandemic; closures of Chinese factories could have nasty ripple effects across the global economy.
 From Staten Island to space: Your streak of reading a news item about Pete Davidson every week since 2017 rolls on. Blue Origin announced yesterday that the SNL star will accompany five paying customers for a quick trip to space on March 23. It's the New Shepard program's fourth human flight and 20th overall.
| | Tolga Akmen/AFP via Getty Images Activists in London spent their Monday occupying a mansion thought to be owned by sanctioned Russian oligarch Oleg Deripaska. The protesters said they reclaimed the property in order to "house Ukrainian refugees and refugees from all nations." Across the English Channel, others had a similar idea. Two Russian activists in France broke into and occupied a luxury villa owned by Vladimir Putin's former son-in-law, Kirill Shamalov, claiming they'd changed the locks and would offer the property to refugees. All the activists were eventually arrested by police. Zoom out: While they probably don't agree with the occupiers' tactics, government leaders are warming up to the idea of using the luxury properties of sanctioned Russian billionaires for Ukrainian refugees. London Mayor Sadiq Khan called the mansion reuse idea "poetic justice" and claimed the properties weren't homes but, "gold bricks used to launder money." According to Downing Street, the idea of using oligarchs' mansions to house displaced Ukrainians isn't being ruled out, although it may not be possible given the legal hurdles.—MK | | | No matter what the future holds, people always need a way to get their meds. That's what makes NowRx's tech-powered pharmacy a potentially solid investment—even in a bear market. NowRx provides free, same-day medication delivery, and they do it using software and robotic tech that cuts down prescription dispensing to less than 30 seconds—while nearly eliminating delay-inducing human errors. Plus, all that automation lets them operate at a fraction of the cost of major retail chains. NowRx is moving fast, but there's still time to invest. The startup saw revenue jump nearly 90% YoY in 2020, and they've already raised over $16M from 5K+ investors in this round. Learn how you can invest in NowRx before shares sell out. | | Genies If we've learned anything in the past year, it's that if you haven't heard from someone in three-plus months, they're about to announce something involving the metaverse. Case in point: In his first career move since leaving the company, longtime Disney CEO Bob Iger has joined the board of directors of a startup focused on metaverse avatars. The company, Genies, has raised $100 million in funding and, through deals with Warner Music Group and Universal Music Group, has created avatars for artists like Justin Bieber, Rihanna, and Shawn Mendes. Metaverse-heads like Iger can create their own avatars using the company's tools and dress them in NFT clothing and accessories. Iger was Disney's CEO until February 2020, but stayed on as chairman through the pandemic, departing the company in December 2021. Beyond really craving some Mason Ramsey gear for his digital persona, Iger told the WSJ that Genies appealed to him for its ability to use existing intellectual property in new ways. "Imagine, you know, letting someone buy a Mickey Mouse avatar and customizing it in a way that not only would we never allow it before, but it was kind of hard to do in the physical world," Iger told WSJ.—MK | | Maja Hitij/Getty Images Stat: Poland has taken in 1.7 million Ukrainian refugees since the war started, increasing its population by 4.6%. In the United States, that would be equivalent to more than 15 million people entering the country in less than three weeks. Quote: "I don't feel that I have earned that right." Dolly Parton is removing herself from consideration for the Rock & Roll Hall of Fame because she doesn't believe she's produced enough rock music to fit the bill. She was nominated alongside 17 other noted rock & roll stars including Eminem, A Tribe Called Quest, and Lionel Richie. Read: The impatience of Job. (Slate) Ask: On Pi Day yesterday, we asked readers whether they prefer savory or sweet pies. 78% said sweet, 22% savory. | | - Meta clarified its hate speech policy, saying that users cannot make death threats against Russian President Vladimir Putin and other heads of state.
- The Covid situation in Hong Kong is dire. The territory has had the highest daily death toll in the world over the past few days, in large part because two-thirds of residents aged 80+ are unvaccinated.
- Lyft is joining Uber in adding a temporary surcharge to rides to offset the rise in gas prices.
- Sen. Joe Manchin said he wouldn't support Sarah Bloom Raskin's nomination to a top position at the Fed, which is not a bullish sign for her confirmation.
- JPMorgan will drop its mask mandate in its offices and begin hiring unvaccinated individuals again beginning on April 4.
| | Work soundtrack: Brew writer Jamie Wilde put together this groovy work flow playlist that'll help you become your most productive self. Tech Tip Tuesday: The reviews of the budget iPhone SE are out. Here are write-ups from The Verge, CNET, and the NYT. Finance, simplified. On CNN's new podcast, Diversifying, host Delyanne Barros avoids the jargon while validating the complicated emotions we all have about money. Listen now. Self-care starts with legendary sleep. Headspace teamed up with John Legend to bring you their newest sleepcast—a bedtime story narrated by the Legend himself. Start your sleep journey with John Legend here.* Get someone to watch your back. 24/7. Professionally monitored. That's what you get with home security from SimpliSafe. With plans starting at less than $1/day, SimpliSafe is home security that's simple, affordable, and secure. Save 25% + get an outdoor security camera included FREE today.* *This is sponsored advertising content | | Brew Mini: Today's Mini is called "Showtime." Play it now to find out why. Complete The Godfather quote The Godfather premiered in New York 50 years ago today. We'll give you the beginning of an iconic quote from the movie, and you have to complete the phrase. - "I'm gonna make him an offer…"
- "Revenge is a dish…"
- "A man who doesn't spend time with his family…"
- "Leave the gun…"
- "It's a Sicilian message. It means Luca Brasi…"
| | - He can't refuse.
- Best served cold.
- Can never be a real man.
- Take the cannoli.
- Sleeps with the fishes.
| | | Written by Neal Freyman and Max Knoblauch Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
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