What's up everyone? This is Alex Lieberman, co-founder and CEO of Morning Brew, coming to you with the

Founders Journal. Dramatic Pause. Founders Journal is my daily diary made public for the world in audio format that talks about the most interesting

parts of my day behind the scenes at Morning Brew.

As always, we are joined by Josh Kaplan, who asks questions, pushes the buttons, and pushes the conversation further.

Today is going to be a little bit of a strange episode.

We're going to be talking about 10 k's in rabbit holes.

Let's go into it. Well this all started because we started the test for the paid

product so congrats to you and Ashna for continuing along with the process.

Thank you, yeah.

It's super exciting.

We were testing what potentially Morning Brows

paid membership could look like. There are a few different topics and directions we can go. I

don't want to speak before the test is over, but basically irrespective of what

direction we go, it is going to have some aspect of business strategy to it.

And so that got me in the mood to put on my own strategic business hat and so I decided yesterday at 9.30 p.m.

because there's nothing better to do to tear down a 10k for the first time in like five years.

When I was at Michigan as a student, I was in a few investment clubs

where I had to do this practice of tearing down financial statements and

pitching a stock, but I haven't done that since then.

And to me, this like exploration of the inner workings of a business or their financial statements for

whatever reason got me really jazzed up last night and so I spent about an hour and a

half going through the financial statements of AT&T. I picked a business at random. The only I guess the only parameter

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