Good Morning! Chuck-E-Cheese is eyeing a $1 billion sale - and the company tapped Goldman to become its lead adviser. The backlogged M&A pipeline is ready to burst in 2024. Investment bankers’ favorite gym Equinox is looking to tap $1.3 billion in private credit financing. Plus three situations where you’re not supposed to tip, and how to create your own year-in-review.

We're on a mission to make Short Squeez the most valuable newsletter in your inbox ever morning. As the year draws to a close, we'd greatly appreciate if you could spare 30 seconds to complete our year-end survey.

Looking to park your capital in 10% bonds and fight crime across the country? Check out Knightscope’s safety bonds.

_{SQUEEZ OF THE DAY}

From $2.5B To Bankrupt

Bird, company behind the electric scooters you might have seen zipping through city streets and sidewalks, just filed for bankruptcy in another thud for the SPAC era.

Bird went public during the SPAC frenzy. The electric scooter company was valued at $2.5 billion in 2019, and its founders bypassed traditional IPO process for a SPAC merger with a blank check company.  

And Bird's stock took a nosedive, plummeting 97% this year. NYSE even began to delist the company in September.

Bird was founded by a former Uber exec, and the platform had promise to change transportation - kind of like CitiBike. But more and more cities are banning electric scooters, and the platform just struggled to catch on in general.

Takeaway: Many companies that went public via SPAC were unprofitable, or at the very least struggling. And, at the time, SPACs provided these companies quick access to capital and less scrutiny compared to a traditional IPO. But it’s been a rough year for SPACs - dozens have filed for bankruptcy, and as of November, over 100 were trading at below $1.

_{SPONSORED BY KNIGHTSCOPE}

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Fight crime with your portfolio. Buy Knightscope bonds and start earning interest today.*

_HEADLINES

Top Reads

• Chuck-E-Cheese is eyeing a $1 billion acquisition (NRN) 

• Best M&A deals last week (Buysiders)

• Backlogged M&A pipeline will burst in 2024 (Reuters)

• Private equity edge closer to deal with football holdout (YF)

• A major trend holding back Wall Street could reverse in 2024 (CNN)

• Equinox seeks $1.3 billion from private credit for refinancing (BB)

• Recession fears are starting to fade for Americans (CNN)

• The golden age of private credit is ending (Reuters)

• Why belief in a soft landing could be risky (YF)

• What happened when a hedge fund wunderkind strayed beyond value investing (WSJ)

• How private equity and VC transactions will change in 2024 (Reuters)

_{CAPITAL PULSE}

Markets Rundown

The stock market rally took a breather as indices had their worst day since October.

Movers & Shakers

• (+) Oddity ($ODD) +6% as the company finally trades above its IPO price.

• (–) Aon ($AON) -6% after announcing a $13.4B acquisition of NFP.

• (–) FedEx ($FDX) -12% after weaker demand hit revenue outlook.

Private Dealmaking

• Aon bought insurance broker NFP from Madison Dearborn for $13.4 billion

• Blackstone sold its $833 million stake in Embassy REIT

• Harvey.ai, a law firm automation startup, raised $80 million

• Totus Medicines, an AI drug discovery biotech, raised $65 million

• Ecoworks, a climate-neutral building renovation startup, raised $44 million

• Replicate, an open-source machine learning model, raised $40 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

The Tao Of Alibaba

If you took the economic might of Amazon, and added the penetration of Facebook, the ubiquity of Google, and the cultural significance of YouTube, you might have something starting to resemble Alibaba. 

Commonly mischaracterized as a kind of Chinese eBay for businesses, Alibaba and its interlinked network of products and services have exploded into global markets, disrupting conventional businesses and creating previously unimaginable opportunities for millions of small businesses worldwide. 

This book reveals the Tao of Alibaba—the company’s “secret sauce”—a consciously cultivated ethos and spirit that has enabled Alibaba to weather tough times and setbacks, and persist toward a common mission.

It is a blueprint of the company’s management philosophy, crystalized into the most important elements that have driven its success, and it provides a road map for how to incorporate these principles into any organization’s operations.

Wong distills his nearly two decades of experience inside the company to show readers how to align their organization’s capabilities with performance-maximizing tools in order to achieve success.

But most importantly, the Tao of Alibaba teaches the pursuit of greater purpose and meaning, steering entrepreneurs to view their ventures as a vehicle for having profound and lasting impacts on their communities.

Ultimately, the lessons shared in The Tao of Alibaba will serve as timeless tools for any entrepreneur seeking to configure their organization toward purpose and impact.

“Alibaba is not just a company; it’s part of the infrastructure of modern life for billions of people around the globe.”

_{DAILY VISUAL}

A Year That Keeps Giving

Change in U.S. real GDP

America's economic growth has greatly outpaced expectations this year and the S&P 500 is up 22.9% YTD (as of 12/20/23)

_{SPONSORED BY ECKARD}

Investing in the Future: The Eckard Approach to Energy Assets

Troy W. Eckard is a leading expert in domestic energy and energy asset management. Since 1985, he has focused solely on the U.S. energy sector and alternative investment portfolios. 

His expertise offers in-depth knowledge to private investors aiming to build successful, diverse portfolios.

As the owner and Chairman of Eckard Enterprises, Troy leads a skilled team that specializes in finance, operations, land, engineering, and geology. 

Eckard is top player in mineral rights acquisitions and manages over 1,400 high-net-worth partners.

Troy advocates for tangible asset ownership as a secure long-term investment strategy for investors. The Eckard Team focuses on selecting and developing prime assets for their partners.

Learn what makes Eckard a leader in alternative asset management.

Fill out this form and step into the future of passive income with Eckard.

_{DAILY ACUMEN}

Happiness Hormones

In the pursuit of joy, it's your brain, not your heart, that takes the lead. Unveiling the chemistry behind happiness, four key hormones—dopamine, serotonin, oxytocin, and endorphins—play pivotal roles. Let's explore natural ways to boost each:

1. Dopamine Boost: Chase New Goals

Embrace fresh goals, taking daily steps toward them. The pursuit triggers dopamine, the motivation and reward hormone. Whether a personal hobby or professional milestone, breaking larger goals into short-term achievements keeps the dopamine flowing.

2. Serotonin Surge: Cultivate Confidence

Confidence reigns supreme for serotonin release. Acknowledge achievements, regardless of scale, to bolster self-worth. Exercise and stepping out of your comfort zone daily contribute to the self-assurance needed for a serotonin boost.

3. Oxytocin Uplift: Foster Social Trust

Known as the "love" hormone, oxytocin thrives on social trust. Build connections by reaching out to others, expressing gratitude, or taking small steps toward building trust networks. Emotional intimacy is key to unlocking oxytocin's full potential.

4. Endorphin Elevation: Embrace Laughter and Joy

Endorphins, the body's natural painkillers, can be stimulated through laughter, stretching, and activities that bring joy. While moderation is crucial, indulging in laughter or enjoying favorite activities induces a healthy flow of endorphins.

Remember, a balanced cocktail of these happiness hormones can transform your well-being. So, whether it's a new goal, a confidence-building endeavor, a meaningful connection, or moments of pure joy, let your brain's chemistry be your guide to a happier you.

_{ENLIGHTENMENT}

Short Squeez Picks

• 3 reasons gratitude is important in leadership

• 3 things you shouldn’t tip on

• 58 of the must-read business books from 2023

• Use the ski-slope method to teach yourself to be tidy

• How to create your own year in review

_{MEME-A-PALOOZA}

Memes of the Day