The Zeitgeist Distilled

The Zeitgeist Distilled

ZD 26.42: The Great Chicken Feed Hedge

Find the business behind the business for the win.

Wyatt Barnett's avatar
Wyatt Barnett
Oct 20, 2026

McDonald's collected $10.4 billion in rent in 2025 and $6 billion in royalties. The McNugget only went national once a little-known Ray Dalio worked out how to hedge chicken through its feed. This week is about the business behind the business: the moat behind Nvidia's chips, the rent a familiar brand collects, the volunteers who keep your phone's clock…

Subscribe for free to continue reading

Enter your email and get every post from The Zeitgeist Distilled.
Already have an account? Sign in
© 2026 Wyatt Barnett · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture