Tuesday, February 24th Edition
Cory Ohlendorf  
By Cory Ohlendorf, Valet. Editor
I, for one, can never have too much pizza. I may grab some for lunch, actually.

Today’s Big Story

Are We Eating Less Pizza?

 

Some say that Americans are falling out of love with the delivery pie

 

Have we reached peak pizza? Once the second-most common U.S. restaurant type, pizzerias are now outnumbered by coffee shops and Mexican food eateries, according to recent industry data. Sales growth at pizza joints has lagged behind the broader fast-food market for years and analysts say it just doesn’t seem as popular.

There’s no denying that the cheesy pies remain one of America’s most consumed foods, but it appears it’s no longer the go-to of choice it once was. Many are pointing to higher prices, more variety via delivery apps and changing health trends. All of this together is reshaping how and what people order for dinner.

The Wall Street Journal reports that pizza shops are engaged in price wars with one another and other kinds of fast food. “And $20 a pie for a family can feel expensive compared with $5 fast-food deals, frozen pizzas or eating a home-cooked meal.” All of this is forcing major pizza players to rethink their businesses. Pizza Hut, Papa John’s and the parent of Papa Murphy’s are considering potential sales, or other strategic moves. Midsize chains including Blaze Pizza and Mod Pizza have closed locations over the past two years as they work to turn around their brands.

Tasting Table says it’s not so simple. “There's no single easily identifiable reason why pizza is slipping, but it does seem to be the product of a shift in not just what we eat but how we eat.” Where pizza once had virtually no competition, it now has to go head-to-head with everything. “Not only can you get cheaper fresh and frozen pizzas that you can make at home, but you can also have virtually every kind of cuisine delivered.”

Then again, not everyone is worried. Domino’s CEO Russell Weiner told CNBC Monday that while some rivals are weathering a rough patch, his company is really just getting started and that it’s “just not true” that people are eating less pizza. He’s so confident, he says Domino’s could double its business since the chain is seeing growth in both revenue and repeat orders.

 
Say What?
 
Defense Secretary Pete Hegseth says he might oder random pizzas to throw off monitoring apps.

Pentagon Flags Risks of a Strike Against Iran

 

For Iran’s rulers, refusing U.S. demands is a risk worth taking

Joint Chiefs Chairman Gen. Dan Caine has been advising President Donald Trump and top officials that a military campaign against Iran could carry significant risks—from shortfalls in critical munitions to a lack of support from allies—not to mention that it would increase the possibility of becoming entangled in a prolonged conflict in the Middle East.

White House spokeswoman Anna Kelly told the Washington Post that Trump listens to a “host of opinions on any given issue and decides based on what is best for U.S. national security.” While the Guardian reports that the president’s decision will hinge in part on the judgment of his special envoys (Steve Witkoff and Jared Kushner) about whether Tehran is stalling over a deal to relinquish its capacity to produce nuclear weapons.

The president has not made a final determination on any strikes, as the administration prepares for Iran to send its latest proposal this week, ahead of what officials have described as a last-ditch round of negotiations scheduled for Thursday in Geneva. But the authoritarian clerics who rule Iran see those concessions—which, in their view, could compromise their core ideology and sovereignty—as a greater threat to their survival than the risk of war.

 
Meanwhile:
 
Trump previewed a bit of the State of the Union address amid Iran tensions and Mar-a-Lago incident for Fox News.

Record Snowfall Slams East Coast

 

Blizzard warnings, travel bans remain in effect as brutal storm pounds the Northeast

Just a month after much of the United States was blanketed with a thick layer of snow, a large blizzard has dumped more snow than most have seen in years. Snowfall topped three feet in parts of Rhode Island, where city plows were knocked out of commission for several hours in Providence, while more than 350 vehicles were stranded on icy roads in Massachusetts.

Well over half a million homes and businesses in the Northeast lost power, including nearly 300,000 in Massachusetts and about 100,000 in New Jersey, according to poweroutage.us. In New York, just about two feet of snow had fallen in Central Park with over 800 workers out shoveling streets. The National Weather Service predicted Monday that heavy snowfall rates and gusty winds will keep battering the Northeast and spread into New England.

In the hardest hit areas, travel will be “extremely treacherous,” forecasters say, and some leaders are restricting it. The governors of New York, Massachusetts, New Jersey and several other eastern states declared states of emergency and urged residents to stay home. Of course, the massive storm has grounded air travel, with more than 19,000 flights delayed and 6,100 others canceled. And while it might seem tempting, let us remind you not to eat snow.

 
In Photos:
 
Here's what it looks like when New York City takes a snow day and plays out in the cold.

Partner

What Investment Is Rudimentary for Billionaires but 'Revolutionary' for 70,571+ Investors Entering 2026?

What investment is rudimentary for billionaires but ‘revolutionary’ for 70,571+ investors entering 2026?

Imagine this. You open your phone to an alert. It says, “you spent $236,000,000 more this month than you did last month.”

If you were the top bidder at Sotheby’s fall auctions, it could be reality.

Sounds crazy, right? But when the ultra-wealthy spend staggering amounts on blue-chip art, it’s not just for decoration.

The scarcity of these treasured artworks has helped drive their prices, in exceptional cases, to thin-air heights, without moving in lockstep with other asset classes.

The contemporary and post war segments have even outpaced the S&P 500 overall since 1995.*

Now, over 70,000 people have invested $1.2 billion+ across 500 iconic artworks featuring Banksy, Basquiat, Picasso, and more.

How? You don’t need Medici money to invest in multimillion dollar artworks with Masterworks.

Thousands of members have gotten annualized net returns like 14.6%, 17.6%, and 17.8% from 26 sales to date.

*Based on Masterworks data. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd

Shopping

What We’re Buying

 

A flannel

 

Madewell's latest sale is the kind of seasonal reset worth acting on. Right now, you can score up to 45% off the brand's everyday staples, from perfectly broken-in denim and sharp pleated pants to shadow plaid flannels and cold-weather knitwear. It's a rare chance to stock up on the pieces that anchor your weekly rotation without paying full price. Sizes will move fast, so consider this your cue to refresh accordingly for the months ahead.

 
Our Pick:
 
Lightweight flannel shirt, $118 / $79.99 by Madewell

Morning Motto

Just “recalculate”.

 

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@poetstribe

 

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