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Morning headlines collide as the hosts open with a dramatic sweep of power and politics. The FBI raided former national security adviser John Bolton’s Maryland home at 7 a.m. as investigators pursue classified documents in a leak probe. Meanwhile, Gavin Newsom appears buoyant, celebrating state victories and redistricting moves that tighten Democratic control. The discussion touches on New York’s appellate ruling overturning a $500 million penalty against Donald Trump, and threads through topics from a looming Jubilee and corporate headlines to military moves against drug cartels and the broader question of accountability for those in power. Walmart and Target are described in parallel as stock moves, leadership shifts, and cultural flashpoints drive investor attention. Target announces internal promotion Michael Fidelki as CEO effective 2026, while Wall Street shows mixed relief; investors expect an external hire. Meanwhile Walmart leverages tariff pressures to raise prices and retain customers. The conversation widens into a wave of corporate culture backlash, with DEI policies and consumer boycotts feeding into earnings narratives, and a veteran host weighs whether the backlash will sink or salvage brands as a coalition of customers reconsiders whom they support with their dollars. Another thread centers on Cracker Barrel’s logo refresh and leadership choices. The hosts dissect the move away from the folksy image, the questions about leadership hires from the Taco Bell ecosystem, and the acrimony over public relations missteps. They compare the decision to earlier brand sketches and note how retail icons can suffer when culture shifts collide with customer expectations. They also cover Bed Bath & Beyond’s California stance, Marcus Lemonis’s critique, and the political climate’s impact on business climate, hinting that California’s regulatory maze may chill investment. The UK revival story adds a religious countercurrent, with a surge in church attendance and belief among young adults, framed as a counterweight to secular trends and policy strain. The conversation loops back to power, faith, and accountability, even as the hosts share personal reflections on God’s role in their lives. A separate Kentucky case of a judge killed in his chambers by a sheriff triggers debate about vigilante justice, power dynamics, and due process, underscoring how bold actions ripple through law, media, and public sentiment.

Megyn Kelly opens the show discussing the fallout from Bud Light's marketing strategy, which aimed to appeal to a small demographic by featuring transgender activist Dylan Mulvaney. The decision has led to a significant drop in sales, with reports of up to 70% declines in some markets. Kelly and her guests, Emily Jashinsky and Eliana Johnson, analyze the implications of this marketing move, questioning whether Bud Light's executives understand their core audience and whether they prioritize social activism over financial performance. The conversation shifts to the broader cultural implications of corporate decisions influenced by social justice movements, with Jashinsky noting that companies may sacrifice short-term profits for favorable diversity and inclusion ratings. They discuss the disconnect between corporate strategies and consumer sentiments, particularly in the context of Bud Light's traditional customer base. The hosts also touch on the Tennessee State House drama involving expelled representatives, highlighting the media's portrayal of these figures as civil rights icons despite their disruptive behavior. Kelly expresses skepticism about the long-term impact of their actions on Tennessee politics. The discussion then moves to the Biden administration's strategy to engage young voters through social media influencers, with Kelly and her guests critiquing the effectiveness of this approach. They note the challenges Republicans face in connecting with younger demographics, particularly on social issues like abortion and climate change. In a segment on the Dalai Lama, the hosts react to a controversial incident where he asked a young boy to suck his tongue, condemning the behavior and questioning the defenses offered by some commentators. They express concern over the normalization of inappropriate behavior towards children and the implications of such incidents on societal values. Finally, they discuss a UK television program featuring naked adults in front of teenagers, debating the appropriateness of such exposure and the potential impact on young viewers' understanding of body image and sexuality. The hosts conclude that discussions about sexuality should remain private and should be guided by parents rather than public broadcasts.

Theo Von closes a tour announcement with dates for Return of the Rat across January to June, noting added shows as they sell out and offering Rat King pricing before Friday, November 18th, with tickets via theovan.com thereafter. Today's guest is Ari Shaffir, who talks about a long, winding path as a content creator and a renewed focus after burnout. He describes a period so fatigued that he could barely talk, then recovery through peptides, vitamins, and an Ayahuasca retreat, followed by a gradual improvement over weeks. Theo relates his own recent push to take time off and listen to advice from friends who urged rest. They reminisce on early hustle, including jokes about Continental breakfasts and quirky hotel experiences, and pivot to Ari’s latest project, a special titled Jew, released on YouTube. Ari explains the journey: five and a half years in the making, cancellations along the way, and a decision to post on YouTube to retain ownership and avoid Netflix’s producer-credit politics. He shares shooting costs—“a couple hundred grand, about two hundred thirty”—and the editing process after a Paris trip that helped tighten setups and remove repetition. He notes that the project’s tone remains reverent and self‑mocking, and he discusses the risks and realities of making Jewish humor in a climate sensitive to anti‑Semitism. The conversation shifts to how culture treats satire, including a cautionary pancake‑logo incident about a Black‑owned business and a broader discussion of anti‑Semitic narratives, identity and comedy. They reflect on Hollywood’s diversity dynamics, the media’s framing of Trump and Trumpian rhetoric, and how platformed voices sometimes collide with audience expectations, from SNL’s move to keep or replace guests to Elon Musk’s Twitter leadership decisions. Ari shares deep, provocative stories from his experiences at shows, including a memorable orgasm‑meditation workshop and the wild, sometimes risky terrain of comedy and sex. He also riffs on trolling, online persona, and the ethics of pushing boundaries with respect to audiences who push back. He suggests a bold future for creators: a subscription platform where comedians own their content, fund a cooperative slate of specials, and share proceeds more directly than on current ad‑driven models; the math imagines millions of subscribers and substantial payer commitments. They discuss travel, future projects, and a desire to take the podcast on the road—You Be Tripping—testing formats in studios and on location. Ari promotes Jew and invites listeners to watch, donate to support freedom of comedy, and follow touring updates on AriShaffir.com and Ari’s YouTube channel. The conversation blends humor, risk, and the practicalities of building a career in modern comedy.

Megyn Kelly opens the show discussing the recent controversy surrounding Budweiser and its CEO Brendan Whitworth's statement regarding the backlash from their marketing campaign featuring Dylan Mulvaney. Kelly criticizes Whitworth's attempt to appeal to American values without addressing the core issue of the campaign's divisiveness. Michael Knowles agrees, suggesting that Anheuser-Busch should have remained silent rather than worsening the situation with vague statements. He emphasizes that the company needs to take a definitive stance on contentious issues like transgenderism, as neutrality leads to backlash. Kelly and Knowles highlight the disconnect between the company's marketing decisions and its traditional consumer base, arguing that Budweiser underestimated the backlash from those feeling insulted by the campaign. They discuss the broader implications of corporate responses to social issues, noting that companies must be aware of their audience's values. The conversation shifts to Donald Trump Jr.'s defense of Budweiser, where he argues against the boycott due to the company's past support for Republicans. Knowles counters that the CEO's lack of accountability for the marketing decisions reflects poorly on the company, suggesting that leadership changes may be necessary. Kelly and Knowles also touch on the cultural implications of the Budweiser controversy, noting that the backlash represents a growing conservative pushback against perceived corporate wokeness. They discuss the potential for new companies to emerge that cater to traditional values, reflecting a shift in consumer preferences. The discussion transitions to Heather Mac Donald's new book, "When Race Trumps Merit," which critiques the current state of racial equity initiatives in education and other sectors. Mac Donald argues that the focus on racial representation undermines meritocracy and leads to a decline in standards across various fields, including medicine and the arts. She emphasizes the importance of addressing academic skills gaps rather than blaming systemic racism for disparities in representation. Mac Donald highlights the detrimental effects of eliminating advanced placement classes and the shift in medical education standards, arguing that these changes compromise the quality of education and healthcare. She calls for a return to merit-based systems and accountability in addressing disparities, advocating for a focus on individual effort and achievement rather than racial identity. The conversation concludes with a discussion on the cultural implications of these trends, emphasizing the need for a renewed commitment to excellence and the dangers of prioritizing diversity over merit in critical fields.

Kat Cole shares her experiences in the restaurant industry, particularly her journey with Hooters and Cinnabon. She recounts a pivotal moment in Buenos Aires where she discovered that the franchise's low-quality ribeye steak sandwich was insulting to local tastes. This realization led her to question whether to adhere strictly to corporate standards or adapt to local preferences. Cole emphasizes the importance of listening to feedback and making necessary changes for the sake of quality and customer satisfaction. She reflects on her upbringing, where her mother’s difficult decision to leave an alcoholic husband taught her about the "dark side of gratitude," highlighting how being overly grateful can sometimes prevent individuals from seeking better circumstances. Cole identifies herself as a "pragmatic optimist," believing in people's potential and the importance of seeing them positively, despite the occasional disappointments. Cole shares a story from her time as a waitress at Hooters, where she creatively handled a difficult customer by turning the situation into a positive experience, showcasing her belief in the power of perspective. She discusses her rapid rise in the corporate world, taking on leadership roles at a young age and learning from her mistakes, particularly the challenges of transitioning from peer to leader. She emphasizes the significance of maintaining close relationships with customers and employees to understand their needs better. Cole outlines her approach to leadership, which includes asking critical questions during monthly check-ins with her husband and team, focusing on what can be improved and what should be continued. Cole concludes by expressing her desire to be remembered as someone who helped others realize their potential, emphasizing the importance of personal growth and the impact of shared experiences.